As traders cheer the longest bull market in history, they ought to be wondering “what’s next?”

The bulls are cheering loudly today as the S&P Hits Record, Equals Longest Bull-Run

The benchmark S&P 500 hit an all-time intraday high on Tuesday, the same day it equaled its longest-ever bull-market run, as U.S. stocks rose on encouraging earnings reports and hopes that the United States and China could resolve their tariff dispute.

The index’s bull-market run is now 3,452 days old and on Wednesday will be the longest such streak in history, at least for some market watchers.

The Dow Jones Industrial Average was up 128.98 points, or 0.5 percent, to 25,887.67 and the Nasdaq Composite added 75.26 points, or 0.96 percent, to 7,896.27.

What’s Coming?

Record-Breaking Bear Coming

Following the record-breaking bull market, we can expect a record-breaking bear market.

GMO predicts returns of -2.3% to -4.9% per year for seven years.

John Hussman is even more bearish as noted most recently in Extrapolating Growth.

Hussman Comments 

Hussman, the bears in general, and the gold bugs specifically have long been discredited in this bull market.

Mathematically, that’s the way it “must” be at major market peaks. The masses have to ride every wave in both directions. There is no escape for the bulls.