Thursday, May 8, 2014

SPY has to do something or other someday

Despite the braying of the doomers with their NASDAQ head and shoulders blather, the S&P 500 is doing this:

This thing still doesn't really know if it wants to challenge all-time highs or not. But at least it's printing higher lows every time it gets close, right?

Note I've come across some posts last night about people complaining that the S&P 500 is losing breadth, so yeah that's bad internals. Then again, maybe over the past few years people have been buying any old crap, and this present pullback hasn't been just people piling out of earningless social media stocks, but also piling out of any old crap that they bought?

You'd think that once you get this far into a recovery, people are going to realize it's not just about getting out of the big hole of 2008, but also whether companies make money.

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