A well-used phrase to signify coming to the end of some illegal activity such as a scam is “The Jig Is Up.” The derivation of the term is murky and old. A lively dance was referred to as a “jig”, and the “Is Up” part of the phrase meant that the music had stopped. In even older times, a “jig” was referred to as a prank or a trick, the phrase signaling an end to those activities.
In markets, the end of a bear market is always accompanied by despair and the panic to sell positions followed by a sudden reversal to the upside. We certainly saw the latter in the past week.