USA Today assesses investor sentiment as the S&P 500 hits a new all-time high:
Normally, when the Standard & Poor’s 500-stock index hits a new all-time high and completes the third year of a bull market, you expect certain things.
You expect your Uncle Elmer to call you and tell you what a chump you are for not buying triple-leveraged biotechnology funds. You expect stadiums named after mutual fund companies. You expect to see your fund manager being carried in to TV appearances on a litter.
So far, however, the normal ebullience that accompanies a bull market has been hard to find, even in light of the S&P 500’s 10% gain in the first quarter of 2013.
This has been the least-loved bull market in modern history.
Which is exactly why it may continue.