The US markets bottomed in March of 2009 and from that point forward a furious and intense bull market began. Every retracement has been a buying opportunity, and in every retracement the world was due to "end" according to a considerable number of members of this esteemed forum. Needless to say, the bears have been wrong, each and every time. Eventually, by logic, bears will be right, question is if they will be alive to take opportunity of finally being right and will it make up for all the times they were wrong? Fighting the Fed has not been wise and historically, it never has been but as you hear time and time again "this time will be different". Disclaimer: I take a neutral preference.