I’ve never seen a major bull market that did not end with a wild and wooly speculative third phase. We saw this in the 1970s global market when gold ended a final phase and tapped out at a price of $850. I saw this in the bull market that started in 1949, when the final phases of that bull market shocked traders as the Dow surged into the 600s. Now we’ve seen the great correction which tends to end the second phase of every bull market. The public is still gloomy and many have given up on investing and stocks.
Nevertheless, I’m looking forward to a frantic third phase of this bull market. Is it too late to buy in? Often, the profits of the third phase will be greater than the profits seen in the first and second phases. At this juncture it seems possible that we will see new highs ... Log in or subscribe to continue reading.