Two remarks: 1. because the Y2K contained fluff in fancy indices that was removed by the last bear market, and never came back. Extract that fluff (by doing an extraction analysis), and everything is prestine! 2. Markets work on bottoms, and not on tops! There is no fluff in a bottom, but there is always fluff in a top (sh*t that rises with a high tide. Sorry about the S. word. I want to make it clear).