The Global Dow since 2001:

Source: wsj.com

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This chart makes it clear that the bubble still has a lot of air left.  The 2009 lows were well above those of 2002/3, and now stocks are back into boom-time 2006 valuations, as if the credit collapse and associated declines in earnings and dividends had never happened. This year demonstrates better than any other in modern times that stock market action has very little to do with economic reality.