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TheStreet Open House

Cult of the Bear, Part 1

Mind you, all four engines are working at peak efficiency, and have been burning high-priced jet fuel prodigiously. The pilot and crew are experienced, and everyone wants the jet to go higher.

Yet it cannot seem to make any upwards progress. Odd, isn't it?

Now consider this: What happens if something goes wrong? What if one of the engines flames out? What if we start running low on fuel? Or if there's a human error? This doesn't mean the plane will plow into the ocean -- but it is likely to lose some altitude.

That's the situation we have found ourselves in. Despite the many positives we have seen in the market, we have been unable to make any progress. And, if any of the positives falter slightly, markets will feel the impact in a big way.

Tomorrow: Long-term cycles, trading ranges, and P/E mean reversion.

Barry Ritholtz is the chief market strategist for Ritholtz Research, an independent institutional research firm, specializing in the analysis of macroeconomic trends and the capital markets. The firm's variant perspectives are applied to the fixed income, equity and commodity markets, both domestically and internationally. Other areas of research coverage also include consumer, real estate, geopolitics, technology and digital media. Ritholtz is also president of Ritholtz Capital Partners (RCP), a New York based hedge fund. RCP is driven by the analysis performed by Ritholtz Research. Ritholtz appreciates your feedback; click here to send him an email.

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