White Swans, Pink Flamingos

They say the most ferocious rallies occur in the midst of bear markets. Is it possible the current advance since 2009 is a cyclical rally in the midst of a secular bull market? Before shrugging off the possibility, consider that the false breakout to new all-time highs in 1973 was followed by a devastating 2-year 50% decline. As noted in this space at the time, a major turning point was due in the fall of 2012.