The bear awakens from a long, uneasy slumber and the everything bubble is in trouble.

I'm not going to make the bear case with charts or price-earnings ratios or sentiment readings or anything remotely financial. My bear case is a crisis of belief as faith in the religion of the Federal Reserve dissolves and the dumbfounded believers realize the Fed is a failed religion.

To understand the religion of the Fed, consider the Federal Reserve policies and actions that the market views as bullish:

— Fed lowers interest rates: bullish.

— Fed raises interest rates: bullish.

— Fed eases: bullish.

— Fed tightens: bullish.

— Fed holds steady: bullish.

— Fed changes course: bullish.

— Fed issues guidance: bullish.

— Fed is silent: bullish.

— Fed sneezes: bullish.

— Fed coughs: bullish.

— Fed caught insider trading: bullish.

— Fed increases wealth inequality to the point it unravels society: bullish.

You get the idea: merely by occupying the temple of the Fed faith, the Eccles Building, the Fed is bullish because the Fed has the supernatural power to rescind the business / credit cycle and keep the economy and asset wealth expanding forever and ever.