It’s official. The S&P 500 is up over 20% from its October 2022 lows and we’ve technically entered a new bull market: {chart} But, before you break out the champagne, there are a few things that you should consider about this new bull market we find ourselves in: • We still aren’t at all-time highs. As much as I want to celebrate the recent rise in stocks, the S&P 500 is still in a drawdown. The index closed at a record of 4,796.56 on January 3, 2022 and hasn’t seen that level anytime since. Even if we include re-invested dividends, the S&P 500 is about 6% off its highs: {chart} A year ago I blogged about the ... (full story)