Possibly this is only fitting as a potential conclusion to the greatest bull market in U.S. history. We'll just have to see what happens. Just when it looks like stocks are ready to blow, a temporary monster rally arrives to save the day. Just when it looks like speculation is getting a second wind, sellers seem to emerge en masse from nowhere. For our money, we just can't buy into the convenient theory of a bottom in stock prices having been seen.
Bear markets end in the depths of human disappointment and disgust.
We're at neither end, but somewhere in the middle at the moment. It's probably safe to say that the peak of optimistic euphoria has been seen for this cycle. We have yet to hit the depths of despair. Long term market bottoms are fulfilled in despair, not at near all time highs being recorded in consumer confidence. This despair remains in our future.