BULLS & BEARS: Are ingredients in place for a market ‘melt-up’?
A couple of years ago, I quoted legendary market analyst John Mendelson, who predicted the “mother of all short squeezes,” causing a market “melt-up.” So far, nobody would say we’ve experienced anything resembling a melt-up. In the two years since Mendelson’s report, I haven’t seen the words “melt-up” used. That is, until the last couple of weeks, when I saw it twice. In early January, Barron’s columnist Michael Santoli was describing the state of the market. He said valuations by…