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Maybe the end of this bull run comes when we have nothing to worry about?.
Given the unusual strength of this comeback, the second one of 2014, we have to puzzle over the nature of how we could continue to underestimate the ability of this market to power higher.
Before we do so, let me tell you how controversial even this simple inquiry might be. You think the words "unusual strength," you type the words "unusual strength" and you know that they, themselves, are fighting words. Rallies like we have had off of some truly hideous action are largely regarded as ephemeral, with the overall market being in a DOWNTREND. The artificiality of the moves higher vs. the veracity of the declines is an accepted truth. The notion that a reversal may have occurred isn't acknowledged.
It's a sedition narrative to discuss the comeback at all. I know I will take heat from it, both from the yahoos on Twitter and the people I am hanging out with here all set to bash Starbucks (SBUX) or Nordstrom's (JWN) or Seattle Genetics (SGEN) or Zillow (Z), all four of which are the subjects of tons of negative or skeptical or downright corrosive research. You would think that the run Starbucks has had is done with mirrors, that the 113 years of growth that Nordstrom's has had must end this year because of Amazon (AMZN), even if it hasn't been crushed by its crosstown rival yet, that Zillow will be outmoded by some site that doesn't yet exist and that Seattle Genetics is, well, a gigantic hype job perpetrated by a coterie of analysts stoking fervor of the great unwashed.