As of October 2004 the U.S. economy had entered its third year of another bull market. This is the fourth in twenty years. Typically, up cycles occur once in four-and-a-half years. Already indicators are showing a slowdown-the S7P 500 index, for example, posted only a nine percent gain last year, compared to twenty-six percent in 2003. Issues like the war in Iraq, a budget deficit going toward five hundred billion dollars, and a widening trade gap may keep the bull from charging.