As far as what is going on in the equity markets I personally feel that the next cyclical bulls will have little to be desired on the long or short side. It only takes so many people to get badly burned before they liquidate. Tie in the cashing out of retirement funds and there is nothing left to support the markets.
If this is oure future the time is now to make as much as possible. Long on the Bull side and Short on the Bear.
You would be surprised at how relevant markets prior to the 1950s were. Not on a daily basis but their average price over longer timeframes as the chart above shows.
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