'Multiple Expansion' Is a Misnomer Here By Jim Cramer About this article: The monotony of the upside. The self-fulfilling nature of the upside. These are the mirror image of the bear market we went through. In a bear market, liquidity is reduced by withdrawals, both forced and otherwise. The money comes out or is destroyed and the margin money is crushed. In a bull market, the margin money is rewarded, the market converts skeptics and the rally becomes an attraction, a billboard if you will for potential investors. Now, this process is often been called the "animal spirits," courtesy of John Maynard Keynes, as a subjective way to identify the characteristics of the climb or descent of the market. It confounds the bears, in this case, because it can't be quantified. How do you quantify the notion that the margined player lets it ride and therefore liquidity is increased? How do you quantify the obliteration of fear? The bears would simply... Or, call us at 1-866-321-TSCM (8726) Monday-Friday, 8 a.m.-6 p.m. ET. Outside the U.S. and in Canada, call 1-212-321-5200.

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