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Markets

Stock Market Keeps Going Up, But Skeptics Hold Tight to the Bear Case

  • Bets against continued gains in the S&P 500 have grown
  • Yet benchmark notched fifth week of gains out of last seven
Traders work on the floor of the New York Stock Exchange.

Traders work on the floor of the New York Stock Exchange.

Photographer: Michael Nagle/Bloomberg 

Climbing a wall of worry is one thing. Scaling the towering monolith of skepticism that currently comprises Wall Street’s view of markets takes uncommon courage.

The more the S&P 500 goes up — and it’s risen 6% in a month — the less people trust it. Hedge funds have been loading up bets against US stocks, with S&P 500 e-mini futures data showing near the most bearish reading since November 2011.