Some reasons why this is not a new ‘bull market”. Although it may be bull of a rarer kind. In no particular order.

1) Absolutely record person debt.

2) A negative savings rate for US consumers for the past two years, something only seen last in the Great Depression.

3) A record trade deficit of more than $800 billion a year, getting near one trillion soon.

4) An imploding housing price bubble, with soaring foreclosures, record inventories of unsold homes on the market and skyrocketing delinquent mortgage payments.

5) Wages not keeping pace with inflation.

6) A record disparity between the rich and the poor.

7) A record budget deficit, when the cost of the wars in Iraq and Afghanistan are added in (they are not in the budget figures) and the underfunding of entitlement programs is factored in.

8) Record underfunding of pension plans.

9) A dead airline sector (airlines drifting in and out of bankruptcy), a near-dead auto sector (GM and Ford are firing tens of thousands of workers, shutting down dozens of plants and have corporate bond ratings below JUNK!) and a soon to be dead real estate sector.

10) Manufacturing in the U.S. is shrinking drastically and now accounts for only 10 percent of the economy.

11) An economy completely dependent on the accumulation of massive amounts of debt in order to keep muddling along.

12) In the past five years, more than eight million Americans have filed personal bankruptcy.

Sorry guys, your doomed.