[taxcontrol]

I believe that there is a 5 year collective realization setting in. Remember right after 9/11 we all thought that another attack was just about to happen? Remember that when we went to war there was a lot of hand wringing.

Investors have been on the sidelines and speculators have been running the markets. No, 5 years later, no attach on US soil. Despite false starts and missteps, mostly self imposed, we are WINNING. The panic, the fear is starting to fade. And the speculators are running out of steam....
Investors are starting to return.

And when that happens, bubbles tend to deflate back down to more normal price points. Just my opinion.

[SierraWasp]

I like elements of your opinion, except, don't forget the March invasion of Iraq in 2003 kicked off a wonderful 3-year Bull Market for stocks!!!