That's an interesting set of points, and particularly the generational point. I think this is a bigger deal that people give it credit for. But I think that's opposite what you're saying--not for any belief in exceptionalism but purely as a function of demographics. There's a LOT of millennials, and they span a very long time. Quite simply more people to create and consume stuff. The vanguard of millennials are only a few years into maturing as major earners and financial players, the tail end of the generation is still in high school. I personally am still bullish on the market, though earnings season has signaled caution, but we're now back to where earnings-based valuations have been trending during the last years--at least as I view it. So I don't see any reason that this bull market cannot continue and the fundamentals are still strong. I've previously laid out my case here for an unprecedented bull market in which we're at the start of a bubble with the big gains still ahead. But that opinion isn't set in stone and actually the earnings pause has be concerned. I do agree that we just tested a major level. And I'm ready to get bearish if we break under here much further. Also, the Dow exaggerates bullishness even in logarithmic charting, the move so far this month hasn't been anywhere near as big as it looks in long-term linear charts.