by Calculated Risk on 3/19/2012 07:01:00 PM

Click on graph for larger image.

The first graph shows the S&P 500 since 1990 (this excludes dividends).

The dashed line is the closing price today. The S&P 500 was first at this level in July 1999; almost 13 years ago.

The second graph (click on graph for larger image) from Doug Short shows the sharp increase over the last few months.