Paraphrased from Technically Speaking…? (you can tell which side he’s on based on the wording he uses…)

The Bear Case is simple:

  • Mean reversion to growth norms
  • P/E Multiple norms
  • Dividend norms (1.8% on the SP500)
  • Extremely low mutual fund cash
  • Rising interest rates with a questionable dollar, under constant pressure from the printing press.

The Bull Case is equally simple:

  • “WooHoo”
  • “This time it’s different
  • “The trend is your friend”
  • “I can get out any time”
  • “Debt doesn’t matter”
  • The US consumer will never give up
  • The Bernanke Put
  • Victor Sperandeo’s “follow the false train of hope to the end of the line, and jump off just before the end.”

I think this sums things up fairly concisely… though I would probably add a few more strong profits stories to the bullish side, and some additional inflation stories to the bearish side…