SPDR S&P 500 (SPY)

[Wishthiswasmyjob]

Bad earnings priced in? Nope.
Horrible drop in GDP priced in? Not yet.
Huge debts everywhere.... Priced in? No.

I think the better statement would be "Ignored".
I think the stock market is perceiving a quick return to big spending by the consumer, a quick recovery to low unemployment statistics, a climb back to oil being at $55, no problems with small business and oil exploration defaults, etc...

The perceived future is VERY optimistic here... IMHO overly optimistic, but we've all heard it many times -
The market can ignore reality, the market can be irrational for long, long periods of time.

Just gotta watch and wait and let the market show where it's going.
Some say we're still in an uptrend, I now see a horizontal channel with lower highs.
The pattern is tightening and I am a bear until the market proves it can climb back above 285 and hold it.