REUTERS/Beawiharta
The bull sarcophagus containing the body of Tjokorda Gde Agung Suyasa, a member of Ubud's royal family, burns during the Pelebon procession, or The Royal Cremation Ceremony, in Ubud, on the Indonesian island of Bali, July 15, 2008.
Even the bulls are warning that stocks might fall before rising again.
While it's reasonable to argue that stocks are getting expensive, it may be extreme and perhaps out of line to argue that stocks are doomed to crash.
The argument that stocks and profits surged too quickly only reflects the bear's short-term memory.
In the following 19 slides, you will see that the pace of the stock market rally has been very typical, the profit recovery has been average, valuations aren't signaling trouble, record high profit margins are sustainable, and companies are stronger than ever. You will also see that companies will benefit from numerous tailwinds that will boost demand for a wide array of goods and services.