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But he suggested stocks were "clearly near to a top," and 2018 could be positive but less rewarding and more volatile for investors.Ned Davis of Ned Davis Research has also described the bull market as being in the "very late innings." Doug Ramsey, chief investment officer at Leuthold Group and a student of market cycles, says the sturdy rally still deserves the benefit of the doubt and shows few typical signs of an imminent peak.

Consider a scenario Hartnett considers a risk to his "big top" prediction: "Tech bubble ...

AI/robots cause wage deflation extending era of excess liquidity, bond yields fall, Nasdaq exponential; 'Icarus unleashed' bubble could end in 2019 with bear market on hostile Fed hiking, Occupy Silicon Valley and War on Inequality politics." Quite a contrast to a cycle ending in a whimper.

But what exactly does that mean for investors when no one knows for sure how long it can "stay late" — or how generous the market might be before the cycle turns from "late" to "over?

" Perhaps it's no surprise that strategists are checking their watch and eyeing the door at this stage. economy has been expanding almost as long, and equities are as expensive as they've been at plenty of bull-market peaks, if not all of them.

Then we seized the remaining buildings that they were holding [on] to.

This is where we confiscated their .50 caliber machine gun, one of their formidable defense.

Short-term yields, such as on the two-year note, tend to rise faster than the 10-year yield as a cycle matures.

This gap is now below 0.65 of a percentage point, generating a fair amount of worry that the bond market is signaling an oncoming recession.

And the fact that they've already notched the "average" improvement of prior cycles ahead of a recession simply means this is an "above average" cycle in terms of duration and cumulative progress.

Similarly, Goldman Sachs' David Kostin shows the median stock in the S&P 500 has almost never been more expensive in measured history across eight metrics.

He said among those killed in the final encounter were wives of 2 terrorists who fought the troops as well. President Rodrigo Duterte last week announced that the city has been "liberated from terrorist influence" following the killing of extremist leaders Isnilon Hapilon and Omar Maute.

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