Something funny happened on the road to Dow Jones 13,000 - the car ran out of gas, and the driver noticed what the latest and (literally) greatest price of unleaded is...
and perhaps in even clearer language...
Despite all the appearance of wealth creation in the US equity markets, the S&P buys 10% fewer gallons of gas for your car than its average since the MAR09 lows (and 20% fewer than its pre-QE1 peak) with the last few weeks of action also removing almost 10% of purchasing power even as stocks soared...
and perhaps in even clearer language...
Despite all the appearance of wealth creation in the US equity markets, the S&P buys 10% fewer gallons of gas for your car than its average since the MAR09 lows (and 20% fewer than its pre-QE1 peak) with the last few weeks of action also removing almost 10% of purchasing power even as stocks soared...
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