The last 5 times (or maybe 25 times because he repeats the exact same thing weekly) we joked about Mike Wilson's relentless bearishness in the face of what may be the biggest bear-market squeeze in history, one driven entirely by technicals, positioning, sentiment, liquidity and post-bank crisis Fed easing with zero fundamental contribution, a number of our commentators took it personally and decided to attack us for daring to question Wilson's judgment. That was about 300-400 S&P points lower (here, here, here, here and so on).
In retrospect, while Wilson may end up being right eventually, those who listened to him all the way back on December 5, when he turned uber-bearish and urged his clients and readers to stay out of the market (or, worse, go short) have missed out on staggering gains - especially among tech and AI names - gains which fake and/or artificial, are gains nonetheless, i.e., actual profits. In other words, he was wrong, and today none other than Mike Wilson himself - whose bearish, and correct, call in 2022 was the talk of the town once upon a time - admitted as much.
Wilson starts off his latest Weekly Warm Up note (available to pro subscribers) innocently enough - as with every report - by "explaining" why the market continues to melt up, something he could have "previewed", and told his readers about one week ago, or one month ago or maybe even back in 2022 when he told everyone that stocks won't rise above 3,900. But no, instead he chooses week after week to keep his clients bearish, short and/or out of the market, and to instead tell them the following week why they haven't made any money (he is very good at explaining why nothing is going according to plan). And this week was no exception, to wit:
