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Last Tuesday through Thursday, the markets were on a tear.
Action was being taken against the coronavirus pandemic, the President was signing the stimulus bill that Congress had bickered over, and Boeing Co. (BA) jumped 70.5%.
For the Dow and S&P 500, it was the first three-day win streak in months.
Then come Friday, markets tumbled. Still, the Dow was up 12.8% for the week, the best weekly result since 1938.
The big question for April and beyond is whether the winning streak of the middle of last week will carry on, or whether Friday's tumble is a sign of things to come.
For the bears, we're on the express elevator to an 80% drop, no question about it.
But the Reality Gap here is that, while the bullish believers are convinced they have it right, so do the bearish ones.
And while those two forces battle it out, we're not going to get either of their outcomes.