The Stock Market 2015-2016: Ugly Chopfest with an Equally Ugly Megaphone

by Charles Hugh Smith
Of Two Minds

There’s something fishy about this “new all-time highs” rally of 2016.

It’s interesting to take a longer-term view of the S&P 500 (SPX). Looking at a 10-year chart, the decline from almost 1,600 to 667 in the Global Financial Meltdown of 2007-2009 doesn’t look like that big a deal, given the incredible 6-year uptrend since March 2009.

[…] The boost phase of the rally lasted over 2 years, from 3/09 to 6/11, when the Greek debt crisis caused a temporary swoon in global markets.

Once central banks rescued markets (again), the rally resumed, but beneath the trend line.

Continue Reading at…