The stock market rally of the past 2 months has done nothing to refute my concern that we are only in the early stages of a bear market that will continue for the next several months. Of course I could be wrong. I cannot see the future. I can only weigh the evidence so far. But so far I believe that the preponderance of economic evidence continues to mount against the bullish case.
The fact that many stock markets have staged a rally since the March lows has been cited by some as bullish evidence that the worst is now behind us and happy days will soon be here again.
For some valuable perspective on how bear markets have historically moved, watch this May 26 clip from John Authers at the Financial Times.com: Oil and the Markets.
Great charts John. Good work.
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