Hussman - Last Gasp Saloon

``if the recovery of cap-weighted indices like the S&P 500 is not confirmed by uniformity across a broad range of other securities, the historical evidence is that investors have generally been facing the last gasp of a bull market... Put simply, the central features of valuations and market action we observe today closely mirror what we observed, and warned of in real-time, at the 2000 and 2007 peaks. ''