Professor Elam

It has been the strongest one year rally since the Depression, we keep hearing this on CNBC, etc. 

And so there are many calls for a top, noting that little progress has been made since Sept with lower volume and less participation. Okay, is this the top or just a pause?  This rally is remarkably like the rally in 2003, let's take a look. 

Did I say remarkably like?  Gee the two even climbed about the same point scale!

2009 seems to have peaked earlier, 2004 went three months into the year before correcting. But the bit point is just that, it corrected it did not crash.  Markets do not always do the same thing but this is an interesting analog.