I can find only one bull market, in 1935, that didn't have some material indigestion within its first 12 months.
Sentiment: NEGATIVE
Historically, there has been a bull market in commodities every 20 or 30 years.
Any bull market covers a multitude of sins, so there may be all sorts of problems with the current system that we won't see until the bear market comes.
One of the frustrating things for people who miss the first rally in a bull market is that they wait for the big correction, and it never comes. The market just keeps climbing and climbing.
I think we're in the beginning of a bull market. When a bull market begins, nine months later the economy turns around.
Indeed, bull markets are fueled by successive waves of prior skeptics finally capitulating as their fears fade. Eventually, fear turns to euphoria, and that's the stuff of bubbles.
In the 1950s, as food rationing ended, I remember a plentiful supply of sweets for the first time.
In the economy of the cuckoo people that populate central banks, everything is possible. What you have is gigantic bubbles, the NASDAQ in 2000, then the housing bubble and then commodities in 2008 when oil went from $78 to $147 before plunging to $32 within six months.
The latter part of bull markets are typically led by stocks that are seen then as high quality, but the ones that do best are the ones that weren't seen as such high quality before.
There is only one side of the market and it is not the bull side or the bear side, but the right side.
Bulls don't read. Bears read financial history. As markets fall to bits, the bears dust off the Dutch tulip mania of 1637, the Banque Royale of 1719-20, the railway speculation of the 1840s, the great crash of 1929.