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Few people anywhere would have believed
it if you had told them a year ago that the S & P
500 would be nearly 60% above where it was at the time.
Yet, as always happens, the market makes fools out of
the majority of its participants.
So we were not surprised to see March 9, 2010
be a fairly routine day in the markets, even if it was the one
year anniversary of the current bull market. To be sure, the
gains on the day weren’t all that magnificent. And it wasn't
exactly a great thing to see when lots of points went away at
the end of the day. But gains they were. And no one was complaining
much, given the fact that the bears have been out beating the
negativity drums for some time and calling for some kind of an
anniversary decline.
Still, it’s good to put things in perspective. This bull market is now a year
old, which means that it’s starting to grow old, in terms of cyclical bull markets,
or bull markets that don’t last several years. The jury is still out on whether
this is a secular bull market, the kind that lasts several years, even decades,
such as the ones in the 1980s and 1990s.
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