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Stephen Gandel

Bad News Bears Throw in Towel

The bulls need to watch their backs.
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Photographer: Fox Photos/Getty Images

There's an adage on Wall Street: When the last bear says buy, it's time to sell. If that's the case, stock market bulls may want to think about hibernating. 

Robert Shiller, the Nobel Prize-winning economist who coined the term "irrational exuberance" and warned about both the stock market bubble of 2000 and the housing bubble of 2008, said late last month that he thought stocks could go up perhaps as much as 50 percent from here. He also said technology stocks, which are up 20 percent this year, looked cheap. Shiller had said as recently as January that he thought stocks were again in a bubble. Now not so much, apparently. And he's not the only bear shedding his fur.