Back in late September and early October it was mentioned here on OT that the SPX looks similar to 1998 when all the bears forecasted a new bear market.
Well, lets review the charts again
SPX 1998 - 1999
and here my update dated 27 October 2011
and here the current chart 2011 - 2012
We also know that the SPX made a new high back in 2000 and that was 2 years after everybody called a top in 1998. Bear this in mind before calling to often a top and rather look for buying opportunities when market has great oversold conditions as we had in August - October.