The latest rebound in equity prices has pulled the S&P 500 and Canada’s TSX back to levels seen two years ago in June/July 2021. In the process, bullish sentiment among professional and retail participants is back to the highest readings since November 2021, and the spike in Google searches for “bull market” (below, since 2018, courtesy of The Daily Shot) speaks volumes. {chart} At the same time, in the real economy, Canada’s Producer Price Index (PPI) for May contracted 6.3% year-over-year and the sharpest decline since 2008 (below courtesy of The Daily Shot). Similar downtrends are evident in other major economies. (full story)