As The Wall Street Journal reports today, European stockmarkets are marching higher amid improving confidence of tomorrow’s European Union summit. Indeed, all the stockmarket indices are up after a slide that lasted more than a week. Which only goes to show that the hallowed division of investors into bulls and bears makes little sense when the going gets really tough, as is the case right now. And that is when bears end up being too bullish by half. A bear worthy of the label would just wave its front paw in utter despair and refuse to budge, for the European Union summit cannot but end up in yet another conundrum over Greece, Spain, Italy, and beyond. The Union itself included, of course. To wit, the stockmarket indices can be expected to return to their slide by Thursday or Friday at the latest. Even bears too bullish by half will be dismayed once again. The only remaining question is how many more times will we witness this bewildering spectacle. That is, how many disappointments are needed to make a bear worthy of the label.

Addendum I (May 23, 2012)

I was wrong yesterday. I expected the stockmarket indices to return to their slide by tomorrow or the day after tomorrow, but they are sliding today already. And how. The European Union summit has been a great disappointment even before it has ended. Returning to the bears, though, they are a bit quicker than expected. Go bears, go!

Addendum II (May 25, 2012)

Well, well. I was wrong over and over again. The last two days the stockmarket indices went up, albeit only slightly. Still, the bears of this world are a bit of a puzzle, and a growing one. I cannot but wish them well, though. The way things are going, there will be European Union summits galore. One after another. And ever more important ones. There will be ample opportunities to cheer. Go bears, go! The long winter ahead will give you all the rest you so well deserve.