The S&P 500 is up over 24 percent year to date which is the third largest rally for the first year of a president's second term. The stock index in up close to 110 percent since Obama has become president and the rally is now five years old. Whether you should much stock in it or not, this is long rally. Nine of the last 12 bull markets have been less than five years. Valuations are not overly high but the market is also not cheap. This rally is all about cheap money and not cheap profits. As long as the cheap money flows, there will be demand for stocks and this could be our number one worry.
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