Epic Bear Market Unfolding and Adding to McDonald's Short

I've filled out my put position on McDonald's today. Full caveat: it has room to go up another 10 percent. If it gets up there, then I'm going to make far more than I will lose if I'm wrong at this spot.

The stock market is entering month 11 of a bear market and yet. Look at this pattern on XLY. I was bearish on XLY and I was early, but that pattern eventually broke.

Look at McDonald's and auto parts in this context. If this is a bear market, do you think these stocks already at relative all-time highs, or near those highs, versus the S&P 500 Index are going to explode higher from all-time highs?

There are scenarios where stocks such as McDonald's and Autozone, trading at or near all-time highs and at or near relative all-time highs versus the S&P 500 Index somehow lead a new bull market. I don't know what they are outside of something like a hyperinflation scenario, but they're out there. The bear market scenario looks more compelling though. Here are patterns that look like technology a year ago. This isn't like 2000 though, when there was a 2-year stealth bear market in value stocks as the tech sector kept soaring higher. There are some examples such as FedEx and Boeing, sitting at lifetime support, where you could make a case for them not going lower. If the market rallies, they could bounce a lot. The stocks above have ignored the bear market and they benefited from 2020 to 2022. If this is a bear market, these are the types of stocks that might outperform technology as short candidates for 2023.