As an eager plethora of pundits start writing the postmortem on the Fed-induced Ponzi bull market, it is being said that it ended just as it began—in chaos and out of the blue.

That beginning was at the end of the dark winter of 2009. Specifically as to date and unceremoniously as to events, on March 9, 2009, the bear market abruptly ended. The S&P 500 closed at 677, and 10 days later it had spiked to 823, a gain of 21.6%. Less than two months later on May 6, it had risen still farther to 920, a gain of 35.9%.


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Author: Frank K. Martin

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