This Bull Market Is Lagging The Typical Bull Market By A Healthy Margin...

Even after almost doubling in 24 months, the S&P 500's two-year return is still -36% below the average bull-market gain of +131% since 1962, according to data compiled by Bloomberg and Birinyi Associates. 

The 730-day rally without a decline of -20% or more compares with an average duration of 1,407 days before a decline of -20%, the data show.