Calling what we're experiencing a bull market is like calling the Grand Canyon a ditch.
First of all, this rally – the one that sprung us from the depths of the Great Recession, and has pushed the S&P 500 170% above its 2009 low – has largely regained lost ground. This historic "rally" has taken the bellwether index just 265 points beyond its October 2007 peak.
In other words, 153 percentage points of the rally since 2009 were necessary just to get us back to 2007.
We're up only a modest 17% from the old highs.
I wouldn't call that overdone. I call that a leg to stand on. And it's just the first leg.
This, as you'll see, is a generational bull market…