by Calculated Risk on 7/13/2012 04:23:00 PM

Click on graph for larger image.

I haven't posted these graphs in a few months. 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 April 1999; over 13 years ago.

The second graph (click on graph for larger image) from Doug Short shows the S&P 500 since the 2007 high ...