"That's Only Happened Once Before: August 8, 1929": Why Wall Street Is Suddenly Freaking Out About The Market's Collapsing Internals

Last October, when the mood on Wall Street was near-apocalyptic and sellside strategists were tripping over each other to cut their year-end S&P price targets, we warned that sentiment was so atrocious that a "buy signal had just been triggered."

What happened next is unprecedented: while we certainly were right in expecting a year-end rally, we had no clue about the seemingly endless and relentless meltup that was about to be unleashed and which has pushed the S&P higher on 13 of the past 14 weeks, and unless the bottom falls out of the market in the next 2 days, we are looking at 14 out of 15 green weekly candles in the S&P...