"The Great Shell Game."
The market is a shell game, getting investors to focus on the empty 'S&P shell', when in fact the truth is in the shell containing relative drivers and market structure.
Today, investors are focused on the fact that the S&P is almost all the way back to its highs, yet the truth is that market structure remains broken, and leadership remains very defensive.
Additionally, based on history, investors should actually expect the 'S&P. . .
