Darts are smarter than the pros.
Such is the prevailing wisdom of Wall Street, and heretics who dare to challenge the dogma are pilloried. This stealth bear market is masked by inflation, however, which buoys the level of the stock averages while drowning the real value of the stocks on which they are based. The Dow has been making headline highs into new territory over the last several years, so you might be surprised to learn that the Dow surpassed its previous all-time high in January 1966 only as recently as November 1995. This bear market doesn't appear on charts because the value-eroding effect of inflation isn't apparent. Where the 1929 crash ran its course in 22 months, the bear market following the 1966 high took 16 years to unwind to its bottom Technical structures also are evident on inflation-adjusted charts that are invisible on nominal charts.