What happened? Did I just blink and miss another bull market?

It couldn't be. The Communion of Bulls has been devoid of posts for nearly 2 weeks. There are all of 2 stock-related posts in the TMF top 100 countdown.

But wait a minute. The SPX is up nearly 9% over the last 30 days. Up about 20% since the March low (that's almost 3 of Buffett's "7% years" in just 2 months), and up 23% against the annual low. The DJIA has performed similarly. The NASDAQ is back to its turbo-charged form, posting a 39% gain from its annual lows.

The NYSE just clocked 290 new highs against only 4 new lows. The NASDAQ had 208 v. 6. Internet and biotech HOLDR's (remember those?) are among the recent new highs on AMEX.

The Dow's 22.6 P/E might seem a bit lofty, but inverted that's an earnings yield of 4.4%, versus a 10-yr treasury yield of 4.65%. One of those will grow at some point, but the other one won't (of course they'll both flop around like halibuts in the bottom of the boat).

I have a new working definition of capitulation. It's not when indices set new lows while everyone throws in the towel. It's when indices provide stellar returns and nobody seems to give a rat's behind.