Dave Rosenberg, former economist at Merrill and long time bear, points out that even after a five month 50 percent rally in the S&P 500, the index is still no higher today than it was on February 18, 1998. Including dividends, you’d have earned roughly nothing on your money in ten years.

Dave points to this stat as a reason to believe the bear market remains intact. An alternative view might be a more positive view towards forward ten year returns.  Same fact, different interpretation.  Which do you see?