Few would mistake the current market action with what we saw back in 2000, but it's increasingly clear that investors have become conditioned to ever-rising stock prices.
The S&P 500 ($INX +0.47%) has posted a very impressive rebound over the past 17 quarters. In fact, over the past 20 months, the S&P 500 has risen 46%, which is what investors should reasonably expect from the market over six or seven years.
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