The market continues to defy the bears for the time being. It is the nature of bullish or bearish moves in the market to go further and faster than most analyst predicts.
Having a very long term view on market has its own peril. The kind of long sustained moves in one particular direction are rarity. What is more common is moves of short duration which can be anticipated with fair degree of certainity. Also the bullish drift in equities is a confirmed fact, so long focused strategies have better probability of suceeding.
I am completely congnizant of the negative factors most bearish analyst talk about. Yes there are structural problems in the economy and the economy is not perfect. Lot of these negative factors have a high probability of impacting the market. But when I see a rally coming and find stocks with high probability of making a move I am willing to act on them.