I believe we're in a long term "secular bear" market which began in early 2000 and we've had a "cyclical (shorter term) bull" market start in Oct. of 2002 or March of 2003 (double bottom on S&P, for example)..take your pick on the date here.
I also believe that this will be the last leg up on the cyclical bull before the longer term bear takes over...until I new cycllical bull starts..
I think the resumption of the cyclical bear (whenever that is) might be pretty nasty..
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