“Thanks for the great service. I do appreciate it.

“Firstly, may I ask if you could update the chart for Tripadvisor which seems to stop in June?

“Secondly, do you have a view about how long the current bull market might go on for? Assuming we are still in a period of declining valuations, it already seems quite long-lived to me. Incidentally, I have noted your positive comments on the South African market with interest. Valuations of consumer stocks are now historically at very high levels (P.E.'s ranging from 18 to 36). The currency also must be vulnerable. I noted recently that prices for groceries in Paris were cheaper than in Johannesburg. Now, that's unusual!”

Eoin Treacy's view Thank you for your kind words and Tripadvisor has now been updated. Let me take your questions in order.

A dictum from The Chart Seminar is that we need to foster the humility to allow markets unfold without telling them what to do. No one knows how long the current three-year bull market will persist. Monetary policy is still accommodative and we are presented with a broadly trending environment. When the three-year progression of higher reaction lows, that has been evident since 2009, is eventually broken we will have some evidence of medium-term trend change.

As you mention, Wall Street has been in a generational long process of P/E ratio contraction and rising dividend yields. This has been characterised by a broadly ranging pattern evident on the S&P500 since 2000 while its P/E has trended lower. However what is becoming increasingly evident, particularly among the Autonomies, is that a process of P/E ratio expansion has begun. Wal-Mart offers an excellent example. Prices mostly ranged until this year, while the P/E ratio trended lower until quite recently. The fact that the P/E ratio's downtrend has broken coupled with the significant breakout from the 12-year base suggests a new secular bull market is probably unfurling for Wal-Mart. The wider market may still take some time to catch up.

Thank you for your insights into the South African market. I agree that Johannesburg grocer prices are worryingly high. I last reviewed South African equities in Comment of the Day on August 8th when I pointed out that a considerable number of consumer related shares were becoming increasingly overextended relative to their 200-day MAs. The further they trade away from the MA the more susceptible they are to revert towards it. The recent performance of BHP Billiton, the largest share in the Index, is notable. It has rebounded impressively over the last month and a sustained move below ZAR25000 would be required to begin to question potential for additional upside. In fact the industrial sector generally has returned to a position of outperformance globally.

The Johannesburg All Share Index broke out of a six-month range in late July and has been consolidating mostly below 36,000 for two weeks. A sustained move below 35,000 would be required to question medium-term scope for continued upside.

The Dollar broke its 30-month downtrend against the Rand in October and continues to trade above the 200-day MA. A sustained move below ZAR8 would be required to indicate a return to demand dominance for the Rand