This Bull Keeps Charging

SAN FRANCISCO -- Whether you believe he's a ray of light or whistling past the graveyard, Don Hays of Hays Advisory Group in Nashville, Tenn., was shining a little brighter and/or whistling a lot louder today.

As reported previously, Hays has been pushing a bullish case for some time now. But he dramatically upped the ante in a late-morning conference call today, declaring himself more bullish than at any time since mid-1996. In addition to a short-term rally he's been predicting since late May, Hays said, "as of right now, I feel better about the long-term nature of the market than I've felt in long time."

Previously, the veteran strategist had been predicting a replay of the 1980 scenario: A three-to-six month rally followed by another sharp downturn next year. ...