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Remembering your posts, Jim, my hunch is this is in line with your observation that bear markets develop slowly, that the "buying the dips" reaction needs quite a while to disappear, that it needs time for temporary hope to be replaced by permanant frustration/depression, explaining the markets first going sideways, but with constant ups and down.
A good rule of thumb is that the stock market exists to frustrate the maximum number of people for the maximum amount of time.
I am waiting for Jim's 99-day rule to kick in. I think he posted on METAR about it. What is it now, day 45-50?
