Bull Runs Tend To End With A Bang
Many bull markets have ended with rallies similar to what we have seen since August. While very few believe that this bull market is ending, this is indeed a characteristic of a market top. Everyone relishes in the good economic conditions and/or strong company outlooks, forgetting about valuations. We recognize that this bull market is different from the past, and one of the limitations of this week’s study is just that. Never before have governments and central banks weighed in so heavily to keep equity markets rising.