The bears were wrong. Even if this market drops 20% tomorrow they would still be wrong. They have been dead wrong since 2002 with their predictions of a Japanese style bear market. Bears were wrong in the late 90's too, they were also wrong in 1988 the year that turned out to be the mother of all buying opportunities. Bears pretty much have been wrong since the dawn of humanity. How can you be a bear and not shoot yourself ? Because of the upward bias of stocks not only is a bear more often wrong than right but a bear never admits to being wrong! The higher the market goes the more bearish a bear becomes. That is at the center of the bear's mindset. We all have some bear in us, often one becomes a bear after missing a market rally. It's very upsetting to miss a market rally so you become a bear, you find reasons why the market cannot possibly go higher. Bears are very creative in finding those reasons, much more so than the bulls are in finding their own reasons for the market to go up. Bears are, unlike bulls, actually very interesting to listen to, but you really shouldn't listen to them. Even if you have no bias, only use technicals and are not easily influenced, their rhetoric will influence your actions. They will say the market can't do this or can't do that, it always has done this in such circumstances. But the market has proved it can do anything it wants. And most of the time it wants to go up. In the long term the market is probably going to yes, the moon, well to somewhere the bears would never even imagine it can go.