The markets are up much more than a mere few percent. Going off closing lows, the SPY is up ~25% from it's ~223 close on 23 March. The Nasdaq Composite is up

The markets are up much more than a mere few percent. Going off closing lows, the SPY is up ~25% from it's ~223 close on 23 March. The Nasdaq Composite is up ~19%. That puts them back at mid-late 2019 prices, not 2016-2017 levels. This all agrees w/your latter point - investors are already bullish again - but I wanted to add data points to supplement the market has recovered much faster than some people realize.