Real bear but nominal bull

Real (Inflation-adjusted) S&P is still in a bear market.

But nominal S&P is already in a bull market.

A real bull will come after the reversal of 1-yr P/E.
It is possible only by the fall of share prices and the rise in earnings but not by a political breakthrough.

Data: http://www.econ.yale.edu/~shiller/data.htm