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The Curse of the Dow Trading Range Interesting article. "In 1966, the great Dow bull peaked at a general market P/E of 24.1. After trading sideways for 17 years, the Dow 30 ultimately reached half fair value in March 1982, with general markets trading at 7.0x earnings, which happened to herald the very birth of one of the greatest 17-year bull market cycles in history. In 2000, the next great Dow bull peaked at a far higher general market P/E of 44.2. It may indeed again take 17 years in total, about 14 more years, for the earnings of the US stock market to catch-up with astronomical stock prices and lay solid fundamental foundations for the next major Dow 30 bull market."