While we try to understand whether 2015 will be a bull or a bear year for Wall Street, it may be useful to take a look at what happened in the past
Problem: they say that the bull market has been going on for too long in the US, is that true ?
No, not really:
We do not really expect the current bull market to last 180 months, but we know very well that the coming rate hike operated by the Federal Reserve will start to annoy the credit market.
And when the credit market gets too much pressure, well, it tends to explode leading us to a period of bear market. We expect the bear market to come back between 2015 and 2016, as a consequence of the rate hike by the Fed.