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Richard's Remarks

 

The cover of this week's Barron's -- a bone-chiller in big black letters. The gist of the article -- that the US will see its Gross Domestic Product level off or decline for the next twenty years.

 

The stock market has been rising for 519 sessions without so much as a 10% correction.

 

Twice before we had a long string of up-days without a 10% correction. The first was 1,767 sessions from October 1990 to October 1997. This ended with a quick and violent drop in the Dow after the Transports failed to confirm new highs. The initial drop was followed by a rally and then a crash in September 1998.

 

The second time occurred when we had 1,153 sessions from March 2003 to October 2007. This bull market was followed by a severe bear market -- the financial crisis that ended in early 2009.

 

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