One of the most salient features of the 10-year-old bull market has been the recurrence of a pattern we’ve all seen many, many times. Basically, the pattern involves the sudden appearance of an unsettling headline event which takes investors off guard. This is followed by a sharp decline in the major indices, then an equally sharp bottom, followed by a gradual recovery to new highs. This pattern has been the hallmark of the bull market and, as I’ll posit in today’s report, isn’t likely to change anytime soon. Indeed, the latest headline-driven market pullback looks