As to the current market, there’s no question that this market uptrend has been on thinner and thinner ice during the past few weeks. The number of stocks hitting new highs (one measure of breadth) has declined each time the indexes reach new-high ground during recent weeks. And this past Friday’s huge-volume selloff (just as the Nasdaq was trying to hit another new high) was a clear indication that the bears were making a stand. So it’s time to get out our bearish playbook, right? Not so fast. One thought that occurred to me this past weekend is that...