I don't know how long this bear market will last. I don't try to over-analyze the gifts I am given. If this is here to stay for awhile, I will for sure milk it for what it's worth. The bulls had their chance and they failed to keep it up above 1940. Think about that real hard for a second. What is that telling you?
If you've made your money all these years BTFD-ing to kingdom come, think about how any rally we've seen in 2016 has been unsustainable. If your fellow BTFDers were so confident, why can't they keep this sucker up? The answer simply points to the fact that Granny Yellen has abandoned you (for now) and has turned off the EASING spigot.
I say "for now" because Yellen has no self-respect. I wouldn't be shocked if she backtracks soon and reneges on her promises to keep tightening. The market will fall until it is stick-saved once again by the very people who propped it up in the first place - Central Bankers. Between 2009 and 2015 there was no organic buying. People didn't buy stocks because they felt safe. They bought it because it was the only thing to do.
Those of you who took profits last year are good traders/investors. Those of you still hanging on to the last vestiges of hope that this pullback is just a pullback, well, I bid you the very best of luck. Volatility is here to stay. The real trajectory is still to be determined. For now, if you can't handle the heat, don't play.