"At the same time, in the name of staying disciplined and caring about what history has to say on the matter, if the economic is not in a recession and the Fed is in accommodation mode, the overall tendency of the market is to push higher.
…
So if there is no recession and the Fed remains accommodative (its balance sheet expansion is akin to a 125 bps rate cut this year) history, for what it's worth, tells us that bull markets are more the norm than bear markets (correction aside), and the 'clock' below shows these episodes to be the most constructive for equity market performance."
