Writing in his recent column in Forbes, Kenneth Fisher advanced a very bullish outlook for the stock market.  That is certainly much needed with both the Dow Jones Industrial Average and Standard & Poor’s 500 Index down for the last month.  The chart below shows the bearish trajectory for each:

But as Fisher states in his column, legendary investor Sir John Templeton, once counseled that, “Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria.”   In his column in Forbes, Fisher claims that, “Bernanke anxiety makes me even more bullish.”  As to the stage of the bull market, Fisher declares that, ‘We have on foot firmly planted in skepticism with the other straddling over to optimism.”

There is much to be bullish about, according to many other commentators, too.

The housing market appears to be well on its way to recovery.  The auto industry is heading towards its best year since 2007.  With fracking, oil and natural gas production has the United States producing more energy than ever before.  That is bringing manufacturing jobs back to America.   The appeal of the American economy can be shown in the chart below showing how well the US Dollar (UUP) has outperformed gold (GLD).

What that shows is that the United States Dollar has become the new safe haven asset.  Much of that capital seeking safety is heading into equities, too. With Europe in a recession and Japan in the 23rd-year of “The Lost Decade,” the bull market in the United States could have years ahead at full gallop!