It was a bull market during 9.2010 to 4.2011 period by all measures. After
the FOMC meeting in April, a first-ever news conference was held. All bad
news we heard today were well communicated during the conference. The FOMC
minutes also comfirmed that.
In May, the market little changed. So
Bulls said: "The market is drifting lower."
Bears asked: "Why is the market holding so well?"
Frogs like myself said: "Let's take a summer vacation."