If you had been put into a sleeping chamber for the past seven years and shown a series of the largest equities around, you would assume, quite understandably, that the Dow was probably at about 40,000 and hadn’t had a down day since George Bush left office. These stocks are the stalwarts – – and until they actually break down (which apparently is going to require a comet strike), no meaningful bear market can begin. They’re simply too strong.

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