The question that's haunting me, the question I keep asking myself, is this -- With the Fed manipulating the stock and bond markets, is the stock market still a valid and useful discounter of the future?
The chart below tracks the advance-decline line, which follows the trend of the majority of stocks on the NYSE. The A-D line is currently at a new high. This is strange because the D-J Averages are not at new highs (which is a strange and negative situation).
If there's trouble ahead, then why isn't the stock market giving us warnings? Actually (read yesterday's site) it has.
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