will only accelerate as we continue climbing the wall of worry. When markets are up, most higher quality issues are up 3-4x the market. When markets are down, like today, we see a 7-10x drop in those same issues. With most longs' exit strategy set as "I'll sell once QE ends", there are millions on Wall St and hundreds of millions of retail investors ready to run through the exit door at the same time. When QE finally ends, equities will inevitably fall faster and further than most anticipate. Then there will be 1-2 more feeding frenzies before an eventual secular bear market low likely around 2020. The interim periods will be good for trading, the secular low for buy and hold. It'll be 1982 all over.