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The S&P 500 is up 9% from its September low of 1,887. The index is right around 2,058, which is exactly where it began the year.
In other words, the S&P 500 is up 0%.
But, hey; it ain't down. And that's impressive considering someof the recent turbulence we've experienced.
"Resilience in equities is a positive," Fundstrat's Tom Lee writes.
Things that were supposed to happen didn't happen as things that no one saw coming did. In case you missed it, here are some highlights:
- China unexpectedly devalued its currency the renminbi (RMB).
- Stocks crashed, with the Dow plunging by more than 1,000 points in a single day.
- The Federal Reserve announced it would delay rate hikes.
- Volkswagen was revealed to be using software to cheat emissions-standards tests.
- Glencore shares crashed as the viability of the mining giant's operations was called into question.
- September's US payrolls report flopped.
- Citron Research accuses the $37 billion pharmaceutical giant Valeant of fraud.
- All the other news, including the risk of a US government shutdown and Russia's intervention in Syria.
"[W]e can understand why investors are skeptical today, given the magnitude of challenges and issues facing investors in the past year," Lee writes. "[T]he negative news flow was concentrated during the 50-days between mid-August and early October. And notice how equities have since shown remarkable resilience."
Lee's got a 2,325 price target for the S&P 500.
FundStrat