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How Low Is Low? Aka S&P500 Ex-FED Speak & ATL FED GDPnow

|Includes: SPDR S&P 500 Trust ETF (SPY)

If the chart of the S&P500 performance was from ZeroHedge, I'd write it off as their stereo-typical bearishness, BUT the chart is from NedDavis (man I wish I had many thousands of extra dollars to subscribe to Ned!):

fyi: You need to look at the chart, but the S&P500 has NOT made a new high removing "FED speak" from the S&P500. Moreover, if you've followed me for a while, you know that I often include a "what's moving the market" chart, and many times the market has popped when FED governors have made comments. If the chart removed ALL FED speak, I imagine it would be much worse.

Imagine what the chart would look like if not only FED speak was removed, but QE also!

And if you don't watch the ATL Fed's GDPnow, you should. Today the Q1 estimate went to a measly 0.6% growth rate for Q1:

Disclosure: I am/we are short SPY.

Additional disclosure: Long US future. Trying to short Aus $ and may be long/short any futures at any time. (Crude even looks to have rolled over and I'm watching for a short entry).