Despite a 55% rally in stocks since the March low, history shows us that a move higher might be much more difficult.  The Dow Jones Industrial Average has experienced just two declines that are comparable in size and scope to the most recent decline.  In both circumstances stocks rallied over 50% from their lows and then struggled sideways for nearly a full decade afterward.  Considering the excesses we’re dealing with, it wouldn’t be shocking to experience something quite similar over the course of coming 5-10 years:

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