After the stock market wiped away so many investors' wealth over the past two years, and amid disagreements among economists whether the recovery is sustainable, investors remain on sidelines—even though stocks are up 69% from their March 9, 2009 lows.

Some dismiss the debate over the recovery as expected chatter. “You have heard all the arguments,” Leuthold Group Analyst Doug Ramsey told The Chicago Tribune. “Denial and dismissal of strengthening economic reports is a traditional feature of the second phase of a bull market.”

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