S&P 500 Breaks 1900: Most Unloved Bull Market?

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May 14 (Bloomberg) -- Weeden & Co. Chief Global Strategist Michael Purves discusses the record high markets on Bloomberg Television’s “Bloomberg Surveillance.” (Source: Bloomberg)

Market since time began?

It has been unloved for a couple of years and it is getting into the hatred camp right now.

I think people are seeing the market that keeps edging higher.

One of the highs on the street with 2100 spx price target for year end, the evaluations have been stretched, so people do not like this idea.

Are we climbing walls of worry, or is something else going on?

Most bull markets climb some walls of worry, there's always something to worry about.

It could be prudent -- it could be putin, china.

P the table has been set by some broader sort of glacial title shifts, if you will, that are conspiring.

Corporations are navigating the environment as well as they can, and they have had a pretty good history of success.

You justice him and i want to take outs with, and that is that valuations are stretched.

Depending on your number for earnings, we are sometime -- somewhere around 16 point five times earnings.

The range is 14 to 17, so why 16 .5 times stretched?

If you look at a 40 year average, we are right on top of that number.

The difference is you look at it from where we are in the context of the recovery, from the recession, for a mid to later stage bull market -- the price you are paying for the growth you are getting.

We are three times what we saw from 2006 2 2000 seven.

So paying 16.5 times is very different from when you have six percent growth.

Back in 2005, 2006, 2007, global gdp away from america was escalating.

Now it is decelerating.

In some countries stabilizing.

Margins have not been accelerating as well.

That is where you get to the other leg of the stool.

You reaffirm your up more than 10% call this morning?

I am still on 2100. for the year end, you step out a few weeks, and everyone was very nervous about this unloved rally, that kind of stuff.

I think we may get a performance changing move.

We will come back with the strategist here to talk about the market that just will not go down.

Breaking news right now with scarlet fu.

Sears holdings is looking at a 51% stake in sears canada, including the possible sale of sears holdings were sears interest as a sale.

Hiring a bank to look at potential options, which may be

This text has been automatically generated. It may not be 100% accurate.

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