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Legally speaking, 18 is the age when you are considered an ‘adult’ in the United States. That’s when you are old enough as an American to serve your country, vote, and be tried as an adult for any crimes you may commit. Eighteen may be the age when you are given extra responsibilities, but it doesn’t make you feel like an adult. You won’t be able to legally buy a beer for another three years, and in most states, you can’t even buy a pack of cigarettes without a fake ID. Most 18-year-old Americans still have several years left of school, and they can legally stay on their parent’s health insurance for another eight years. In other words, being 18 makes you an adult in name only.

From a technical perspective, we’re still in a bear market, but like an 18-year-old kid, it doesn’t necessarily feel that way. In fact, there isn’t much ‘feeling’ on the part of bulls or bears these days. As discussed in this week’s report, with seven months having passed since the October low, it doesn’t feel like a bear market, but with the S&P 500 up less than 20% from those lows, it hardly has the feeling of a bull market either. The S&P 500 is essentially right around the same levels it was at 12 months ago, nine months ago, six months ago, or three months ago!

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