Bear Market Delay -- Part 1

Here is a great article at SeekingAlpha on why we will not have an immediate bear market.  The author presented excellent historic charts to show that the current bull market still has room to run.  For example, the author showed a bar graph of how the bull market of the 1990s lasted quite a bit longer than today's bull journey.  He also presented a P/E illustration about the market in the year 2000 where the P/E was a whole lot higher than the current situation. 

So, the bull market has further to run, but the author suggested being defensive about it since further gains will probably be difficult.  You will have to be able to pick the best stocks and ETFs.  I own AAPL and UDOW in this area, but I consider them as trades since the market will most likely decline again.  As for defense, the author specifically mentioned TLT, the long government bond ETF.  I agree with this choice although I hold TMF instead which is a 3x long bond ETF.