A rally means short sellers might retreat and stocks could see a downdraft amid cratering profits.
Underpinning the sanguine call is the resilience in earnings and the still-healthy outlook for consumers and businesses.
Professional speculators have cut their exposure to downside risks.
Piper Sandler's Michael Kantrowitz said the S&P 500's worst-case scenario is now the official forecast.
There can be no equilibrium in the face of so much uncertainty.
ETF investors are selling or avoiding equity funds, even as they have tried to recover from a bear market.
Are stocks still expensive? It depends on who you ask.
Leuthold's downside studies are famously brutal.
Hedge funds that make both bullish and bearish equity wagers have slashed their risky bets to a five-year low.
Reversion to a mean is the expectation. Which mean to revert to is the problem.