Don’t be fooled by the lack of follow-through yesterday, since it is exactly the kind of dullness we should expect from a stock market grown increasingly adroit over the last few years at goosing shorts. Realize that Tuesday’s 192-point rally was not the kind of event that happens in a vacuum. Rather, it was a powerful impulse leg that practically guarantees a second surge once the miserably stupid excesses of the first have been corrected.

Granted, we might have looked for more of a second-day rally than yesterday’s soporific 10-pointer in the Dow. But anything more than that probably would have doomed a promising short-squeeze to a quick and unmemorable end. However, with new all-time highs just around the corner, we should be betting that their very allure will prove ruinous to the greatest possible number of investors.

So take heart, those of you who were worried that the most pernicious bear rally in 75 years would simply peter out: Records will soon be broken – and won’t that be something for permabears to sing about? Here’s your anthem, guys:

(Click to greatly enlarge)