While the financial media is absolutely infatuated with stocks hitting new highs everyday, we would do well to pay attention to some ongoing bear markets:

1) Japanese stocks continue to languish under the effects of deflation following a well over 26 year old bear market, down over 50% from the highs set in 1989.

2) Despite some great innovation out of the U.S from the likes of Apple, Google, Facebook e.t.c the NASDAQ continues to remain in a 15 year bear market down over 10% from the highs in 2000.

3) Despite going parabolic yet again, Chinese stocks continue to remain in a 7 year bear market down well over 50% from the highs set in 2008.

4) US bank stocks are entering a 7 year bear market despite all the QE money and super low interest rates down over 40% from their highs set in 2008.

5) The Euro is also in a 7 year bear market down over 25% against the dollar from it's highs set in 2008.

6) Gold and gold ETF's continue to be in bear markets down well over 35% from their highs set in 2008.

7) The more recent casualty oil and oil ETF's are down well over 60% from their highs set in 2008.

It is well worth noting that it is no strange coincidence that there are major bear markets in several key asset classes and despite recent bear market rallies caused by the FED's QE for ever policies the hibernating bear is all set to emerge with a vengeance.