"There may be another challenge of the March lows or, perhaps, the stock market is already in a new bull market," he said. "However, investors do not have the luxury of waiting for a return to normal because the stock market never does!"
Below is a chart Paulsen provided highlighting the nominal gross output of manufacturing, agriculture, energy, and mining as a percent of total output , against the S&P 500 stock price index "Even though the economy began a recovery in 1983, the agriculture, mining, and energy sectors remained mired in a recession throughout much of the decade; the manufacturing sector also experienced a subpar decade," he said.
"In spite of this, the S&P 500 climbed about 50% from its bear market low before C&I loans bottomed in 1994, and it was up nearly 60% by the time loans reached a new record high," he said.Paulsen notes that the technology sector played an integral role pushing the US economy forward throughout the 1990s. However, once the sugar-rush of thewore off, investors waiting for that speculative fervor to return again missed the subsequent rally.
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