Summary: Take a look at Lance Roberts Streettalklive.com today and check out several charts he put up.
Summary: Jeremy Grantham of GMO has maintained since Jan 2014 that 2 Standard Deviations would top the S&P500 at around 2200 and change.
Summary: The commodity market collapse (WTI = $106 in July 14 and today closed at 42 and change.
The destruction of value in equity positions in the energy sector has dropped over 120 points from the S&P500. Thus we hit GMO's number representing the top. As John Hussman succinctly puts it and now even establishment MSM like the Telegraph-UK (check out the Barclay's ownership background), market internals clearly and totally show now a risk aversion and the only buyers left are the non investment return sensitive corporate buybacks and governments.
As a recent Zero Hedge post showed, 23 international stock markets are in a bear market of plus 20% drops since Spring 2015. Corporates are using cheap money but they have a finite balance sheet limit which as IBM encountered over the last year, results in a reduction of the volume in buybacks and coupled with currency issues and declining sales, it drops 25% from its peak two years ago.
This is the slow return to sanity.