One of the many amazing things about public markets is that price is the final arbiter of truth.
They come to you with a credit crisis that will be here any day now. The fairy tales about recessions won't stop. The president will ruin everything. And a war in the middle east is something they pretend is only happening now, and isn't always happening...
Yet the line keeps going up.
The Dow Jones Industrial Average, S&P500 (equally-weighted), New York Stock Exchange Composite and many other measures of U.S. equities are hitting new all-time highs.
More importantly, the list of stocks going up in price keeps getting longer, not shorter.
The number of sectors and industry groups participating to the upside continues to increase, not decrease.
More countries around the world are going up in price, not fewer.
The lines are up and to the right fam.
And this chart below just might be the best way I've seen to measure that yes, in fact, the lines are going up.
What we're doing here is looking at the % of stocks in the S&P500 that are above important prior highs from the past several cycles.
