Posted by Joseph Y. Calhoun, III

Very interesting graph provided by Barry Ritholz at The Big Picture:

I’ve been bullish on this market since last March (Bottom?) and stayed that way through the sideways corrections along the way and I’d love to say that this chart means that it has even more to run…..but I don’t think this means all that much. Every market is different and the duration of the rally is dependent on policy which can’t be predicted. Could the bull market move higher and last longer? Um, yeah. Could it peak right here and return to bear mode? Yep. It depends on policy, monetary and other and until we know how those things come out it makes no sense to try and predict the future. Still, at least this tells us we aren’t in some kind of uncharted territory.

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