THE BULL IS 9, CAN IT MAKE 10?
The bull market will celebrate its ninth birthday on March 9, 2018. During that
nine-year period, the S&P 500 Index nearly increased fourfold in value including
dividends, producing a total return of 385% (19.2% annualized) while rising almost
300% in price. The recent market volatility, driven by fears of tariffs, inflation, and
monetary policy, has many wondering if this is the end of the road for the bull
market. So how much might the current bull have left in the tank? Given that we
are not seeing the warning signs that have historically signaled the ends of past
bull markets, including excessive equity flows and activity in initial public offerings
and mergers and acquisitions, we would not be surprised if the current bull market
celebrates its record tenth birthday next year. This week, we look at some of our
favorite bull market indicators and the signals that accompany them.
View the full weekly market commentary here.
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