PRO_Indicators

S&P 500 : Ahead of a massive bull market like 1995 ? ... no

SPX/GDP  
SPX/GDP  
This double chart have one and only purpose... to simply destroy any king of idea about the S&P             that could be about to perform crazy like it did in the 1995-2000 rallye.
That's just non-sense and purely stupid. Not only the context is totally different... cause back then the GDP was the true gas of that rallye... as today everyone knows that we will never be able to match such growth nowadays...
Plus, the first chart highlights the fact that, related to GDP, we are actually pricing the S&P             today just like we did in the top of the 2000 bullmarket, not the beginning of it ! So instead of giving a sign of bullish support this chart actually shows more bear probabilities !
And if this arguments doesn't convince you, then simply have a look at the durable goods order, the most reliable hard data to forecast earnings ...
Do you see any kind of reliable following of the recent parabolic uptrend ? I don't !
So the real question is what drives the market ? Well this is a complex answer... But the only thing I can tell is that every person that argue this bull market is similar to 1995 is just non-sense !

Just to set things straight... I'm not saying I want to short the market tomorrow.. I just say that this theory that says the market is at the beginning of a massive bullish move.. well .. not likely to me ! and most likely reaching the endpoint soon.


Hope this idea will inspire some of you !
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Kindly,
Phil
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