, Columnist
Stocks Look Stretched (Or: How I Missed the Rally)
The S&P’s all-time high is a victory for the bulls, but does any of it make sense?
It's not always easy to know what the market has in store.
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
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It took exactly six months. The S&P 500 closed at a record high Feb. 19, and set a new one Aug. 18. I didn’t see it coming, and think the market is way too expensive now, which is another way of saying I have been wrong. I started yesterday’s newsletter by asking “ What’d I miss?” Evidently, the biggest thing I missed was that the world’s most followed measure of the stock market could possibly make a full recovery so quickly.