Bull Market Ahead?

After the run we've witnessed in equity markets since March 2009 Dr. Hussman provides a verty interesting market commentary where he explains: "Simply put, secular bull markets begin at valuations that are associated with subsequent 10-year market returns near 20% annually. By contrast, secular bear markets begin at valuations like we observe at present."
Visually based on the simple formula Shorthand 10-year total return estimate = 1.06 * (15/ShillerPE)^(1/10) – 1 + dividend yield(decimal).
 
Hussman explains further "Presently, the Shiller P/E is 22.7, with a dividend yield of 2.2%. Do the math. A plausible, and historically reliable estimate of 10-year nominal total returns here works out to only 1.06*(15/22.7)^(.10)-1+.022 = 3.9% annually".

A New Bull Market?

ZeroHedge does not think so making his case looking at the table below which compares the current situation to the metrics as they were at the start of the 82 bull market.
You had then less credit and leverage, higher interest rates and inflation, lower PE, higher dividends, mores savings, less equities in the portfolios, all conditions that could set the stage for a credit fuelled economic expansion with an expansion of valuation multiples.