(marketwatch.com) I'm referring, of course, to the debate over what kind of bull market began on March 9.
If that day represented a once-in-a-generation stock market low -- such as the kind seen in December 1974, for example -- then we're in a secular bull market that can be expected to last for many years and which will eventually take the stock market averages to a final top that is several times current levels.
Or did it mark a mere "cyclical" low, in which our expectations, both in terms of time as well as price, need to be far more modest?
For guidance I turn to Ned Davis, the eponymous head of institutional research firm Ned Davis Research.
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I agree about this current rally being the first leg of merely a cyclical bull market. If March 2009 was like the end of 1974, then the continuance of the bull will be iffy once the averages get to this decade's highs.
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