A Fundamental Addendum

I've mentioned this on several occasions previous, and I mention again only as an addendum of sorts -- an "extra" factoid to consider as you ponder the prospects for the new bull market in US equities. If you plot the YoY percentage change in the S&P 500 with the YoY change in ISM manufacturing, you get a pretty compelling visual. If you ask me, that's apples to oranges by definition: You're comparing a PMI to a cap-weighted index of stock prices. However, when we talk about "the fundamenta