Before the perma-bulls go bonkers… S&P 500SP:SPXBadchartsBefore the perma-bulls go bonkers… no, I’m not calling for a crash or bear market (yet). But longer this bull runs, greater the odds of mean reversion. Further we drift from 2009 without tagging the 300-month MA, more likely a sideways decade begins. This will happen again. You can't say we are "early" in the bull market. That simply is not true. Early is in the few years after the 2009 retouch of that very long term moving average. Can the indices still go up? Of course. But understand where you are in the cycle.