Over the past 50 trading days since the March 23 low, the core question has gone from "Is the bottom in?" to "Will we retest the low?" to "Why is the market shrugging off all the bad news?" to, now, "What could possibly stop this relentless rally?"
The unpopularity for much of the past couple months of the bullish case (smooth, strong reopening/Fed and fiscal support sufficient/no widespread credit distress) - and the fact that this upbeat thesis can't easily be refuted for many weeks or months - has given stocks the time and room to recover and punish the patient investor sitting in cash or defensive stocks.