Below we highlight the rolling 1-year change of the S&P 500 going back to 1929.  Throughout the financial collapse, the standard line was that this was "nothing anyone has seen since the Great Depression."  That was true during the declines, and it has also been true on the rebound.  As shown, the only other time the 1-year change for the S&P 500 has been higher than it is now was in the 1930s.  Unless the market takes off from here even faster than it did in the weeks after the March 2009 lows, 68% will likely be the peak reading of this cycle.  (This doesn't mean we've reached a bull market peak, just that we likely won't see another 12-month reading of more than 68% during this bull.)