We're in a frenetic short-covering based rally. The jury is still out about how long this is going to last.

All these obstacles, (investors) are seeing right through them. Where is the liftoff going to come from?

The most popular price level that everybody thinks of is 10,000 because it's such a round number and these very significant round numbers very often have a lot of clout in terms of being difficult to penetrate in any direction.

The so-called risky assets are continuing to outperform.

All these obstacles, (investors) are seeing right through them, ... Where is the liftoff going to come from?

I feel the odds strongly favor a broad washout before this bear market is over, if only because the lack of a broad market breakdown beyond tech is the single strongest factor supporting the continued high hopes for a rapid stock market comeback,