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Today marks the 5-year anniversary of the Bear Market low reached in March 2009. It’s hard to believe that it’s been that long, but even harder to believe what has transpired since. From the depths of despair in March 2009, the S&P 500 is up over 170%, achieving one of the highest 5-year returns in […]

Taking a page from the 2013 playbook, the S&P 500 is once again running straight up from a pullback low (see chart below). This is not atypical behavior following the first dip off of an all-time high, particularly one that was preceded by a long period without a 5% correction. The pattern is largely a […]

It is only three weeks into the New Year but investors should already be waking up to the fact that this is not 2013. At this point last year, the S&P 500 was already up over 4% year-to-date, never looking back from the first trading day of the year. As we have emphasized repeatedly, last […]