"Near-term risks to the economic outlook have diminished."
-Federal Reserve, July 27, 2016
Nothing to see here. It's fine. The S&P 500 is hitting all-time highs on no volume, earnings sucks, economic indicators continue to slide and there's this general economic malaise that's caused equity markets to crash globally. Forget all that.
But for posterity's sake consider a few evolving realities (with Old Wall narratives in italics).
Narrative #1: "European equities are really cheap."
"Stop talking about global equities we're long commodities..."
"... But, but oil stocks."
"Come on now, the U.S. consumer is strong."
"Listen, the S&P 500 chart looks great. We broke above the all-time high."
6. no Volume