Aside from the fact that, historically at least, bursting bubbles have generally been followed by drawn-out and messy overshoots to the downside (e.g., more than four years), while genuine bottoms have, historically at least, gone unrecognized until well after their arrival, I have one question: Why are share prices approaching intermediate term highs at the same time that bonds yields are hovering near record lows?
(Source: The Globe and Mail)
The truth is that it doesn't make any (economic) sense -- unless, of course, you attribute the development to unprecedented central bank intervention. In that case, the notion that things are returning to "normal" would seem to be a complete crock (if you'll pardon my English).
I know -- I'm just a grumpy old permabear. Grrrr.