U.S. Stocks, Bonds And The Bull Market – Lately, All Ladders

Quick Look The current bull market is now entering its ninth year. Investor confidence and fund flows are rising, and complacency (as measured by the VIX) is in the bottom decile of its historic levels. Economic surveys on consumer confidence, small business optimism and manufacturing have all turned noticeably higher, and suggest a strengthening economy of which we should begin to see some hard evidence in the coming months. As of quarter-end, U.S. stocks are up 11% since the presidential election and nearly 30% from the 2016 market bottom. In terms of drawdown risk, a 20% bear market correction would…