Summary
Despite the appearance of the stock market moving higher, most of the stocks that make up the 2800 stocks on the NYSE are well below their all-time and/or YTD highs.
There's plenty of money to be made shorting stocks despite the headline, mainstream media and White House's euphoria over the stock market's performance.
Over the past 52 weeks through November 6th, the S&P 500 has declined 10.5% when measured in terms of gold, i.e., real money.
The major stock indices - the Dow (DIA), SPX (SPY) and Nasdaq (QQQ) - have wafted up to all-time highs on a cloud of central bank printed money. Interestingly, most of the stocks in all three indices are below to well below their all-time highs. The breadth of the move is shockingly thin. Very few stocks are responsible for pushing the indices higher. The Dow's move last Friday, for instance, was primarily attributable to Apple (AAPL) (by far the biggest contributor), Microsoft (MSFT), Home Depot (HD), United Technologies (UTX) and JPMorgan (JPM). Of those, only AAPL, UTX and JPM hit their all-time high on Friday. MSFT and HD were close.
Many of the Dow stocks are down significantly this year. If you find this hard to believe, run the 1-year charts of the 30 Dow stocks. I'm certain the same is true for the SPX and Nasdaq.
Despite the appearance of the stock market moving higher, most of the stocks that make up the 2800 stocks on the NYSE are well below their all-time and/or YTD highs. There's plenty of money to be made shorting stocks despite the headline, mainstream media and White House's euphoria over the stock market's performance. Moreover, short interest in the SPY ETF has plunged to a level that has, in the past, led to sharp sell-offs in the stock market.
And then there's this, which is the best measure of the real rate of return stocks:
Over the past 52 weeks through November 6th, the S&P 500 has declined 10.5% when measured in terms of gold, i.e., real money. Money printing at a rate in excess of real wealth output diminishes the marginal value of the currency. Because the price of gold moves inversely with the inherent value of the dollar, the chart above reflects the effect of dollar devaluation on financial assets.
Thus, the real upward movement of the stock market is highly deceptive in terms of both the number of stocks in the NYSE participating in move higher and in terms of using real money to measure the price of stocks.
Original Post
Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors.
Summary
Despite the appearance of the stock market moving higher, most of the stocks that make up the 2800 stocks on the NYSE are well below their all-time and/or YTD highs.
尽管股市看似走高，但组成纽约证交所2,800只股票的多数股票远低于历史和/或年初高点。
There's plenty of money to be made shorting stocks despite the headline, mainstream media and White House's euphoria over the stock market's performance.
尽管有头条新闻、主流媒体和白宫对股市表现的乐观情绪，做空股票还是有很多钱可以赚的。
Over the past 52 weeks through November 6th, the S&P 500 has declined 10.5% when measured in terms of gold, i.e., real money.
在截至11月6日的过去52周里，标准普尔500指数以黄金(即真正的货币)衡量，下跌了10.5%。
The major stock indices - the Dow (DIA), SPX (SPY) and Nasdaq (QQQ) - have wafted up to all-time highs on a cloud of central bank printed money. Interestingly, most of the stocks in all three indices are below to well below their all-time highs. The breadth of the move is shockingly thin. Very few stocks are responsible for pushing the indices higher. The Dow's move last Friday, for instance, was primarily attributable to Apple (AAPL) (by far the biggest contributor), Microsoft (MSFT), Home Depot (HD), United Technologies (UTX) and JPMorgan (JPM). Of those, only AAPL, UTX and JPM hit their all-time high on Friday. MSFT and HD were close.
主要股指-道琼斯工业平均指数(Dow)直径)、SPX(标普500ETF)和纳斯达克(Nasdaq：行情)QQQ(路透社)-在央行印制的钞票云层上，人民币汇率创下历史新高。有趣的是，所有三个指数中的大多数股票都低于或远远低于历史高点。这一举措的范围之广令人震惊。推动股指走高的股票寥寥无几。例如，道指上周五的走势主要归因于苹果(AAPL.O：行情)(AAPL.O：行情)AAPL(到目前为止最大的贡献者)，微软(MSFT)、家得宝(Home Depot)(高清)、联合技术公司(United Technologies)(UTX)和摩根大通(JPMorgan)(JPM)。其中，只有苹果(AAPL)、UTX和摩根大通(JPM)在上周五创下历史新高。MSFT和HD关系密切。
Many of the Dow stocks are down significantly this year. If you find this hard to believe, run the 1-year charts of the 30 Dow stocks. I'm certain the same is true for the SPX and Nasdaq.
许多道琼斯指数今年都大幅下跌。如果你觉得这很难相信，那就运行一下道琼斯指数30只股票的1年图表吧。我敢肯定，SPX和纳斯达克也是如此。
Despite the appearance of the stock market moving higher, most of the stocks that make up the 2800 stocks on the NYSE are well below their all-time and/or YTD highs. There's plenty of money to be made shorting stocks despite the headline, mainstream media and White House's euphoria over the stock market's performance. Moreover, short interest in the SPY ETF has plunged to a level that has, in the past, led to sharp sell-offs in the stock market.
尽管股市看似走高，但组成纽约证交所2,800只股票的多数股票远低于历史和/或年初高点。尽管有头条新闻、主流媒体和白宫对股市表现的乐观情绪，做空股票还是有很多钱可以赚的。此外，标普500ETF ETF的空头兴趣已骤降至过去曾导致股市大幅抛售的水平。
And then there's this, which is the best measure of the real rate of return stocks:
Over the past 52 weeks through November 6th, the S&P 500 has declined 10.5% when measured in terms of gold, i.e., real money. Money printing at a rate in excess of real wealth output diminishes the marginal value of the currency. Because the price of gold moves inversely with the inherent value of the dollar, the chart above reflects the effect of dollar devaluation on financial assets.
在截至11月6日的过去52周里，标准普尔500指数以黄金(即真正的货币)衡量，下跌了10.5%。超过实际财富产出的印钞速度会降低货币的边际价值。由于黄金价格与美元内在价值走势相反，上图反映了美元贬值对金融资产的影响。
Thus, the real upward movement of the stock market is highly deceptive in terms of both the number of stocks in the NYSE participating in move higher and in terms of using real money to measure the price of stocks.
因此，无论是纽约证交所参与股市上涨的股票数量，还是使用真实货币衡量股票价格，股市的真正上行都具有很强的欺骗性。
Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors.
编者注：本文的摘要项目符号是由寻找Alpha编辑选择的。
