As I look at some stocks on the widely held list, I am amazed that anyone could even hint that we are in a bull market. What we have witnessed over the past 4 years is nothing more than a bear market rally.

Bear market rallies can be sharp and impressive, but for investors who bought these stocks in 2000, the bear is still alive and well.

AT&T- 12/31/00 price $47.80/ 9-8-06 price $31.28= -34.5%
Cisco- 12/31/00 price $38.30/9-8-06 price $21.55= -43.7%
Citigroup- 12/31/00 price $51.10/9-8-06 price $49.15= -3.81%
GE- 12/31/00 price $47.90/ 9-8-06 price $34.00= -29.01%
Home Depot- 12/31/00 price $45.70/ 9-8-06 price $34.34= -24.8%
Disney- 12/31/00 price $28.12/ 9-8-06 price $29.62= +5.33%
Intel- 12/31/00 price $30.10/ 9-8-06 price $19.56= -35%
IBM- 12/31/00 price $85/ 9-8-06 price $80.44= -5.3%
J&J- 12/31/00 price $52.50/ 9-8-06 price $63.37= +20.7%
Pfizer- 12/31/00 price $46.00/ 9-8-06 price $27.97= -39.19%
Microsoft- 12/31/00 price $21.70/ 9-8-06 price $25.62= +18.4%
Time Warner- 12/31/00 price $34.80/ 9-8-06 price $17.40= -50%
Proctor & Gamble- 12/31/00 price $39.20/ 9-8-06 price $61.55= +57%
Verizon- 12/31/00 price $50.10/ 9-8-06 price $35.41= -29.32%

Pardon me if I say that I am not impressed when some suggest we are in a bull market. Unfortunately investors have owned these stocks at the big brokerage firms/ investment banks for the past 6 years and are told, "hang on, you own the best of the best. We are not traders we are long term investors".

Boy I'll say you're a long term investor !