We're returning to the cutting edge of the physics that describes how stock prices behave today, as we look backwards and forwards in time to sort out why the U.S. stock market is behaving as it is.
First, let's cover what's going on with the fundamental driver of stock prices: their underlying dividends per share. Our first chart shows what the dividend futures contracts reported by IndexArb indicate that investors are currently expecting to be paid out by S&P 500 companies in 2013:
- California Dem moves to outlaw some civilian body armor Jazz Shaw 8 mins ago
- Don’t count Rob Ford out just yet Jazz Shaw 1 hour ago
- New York’s new gun laws returning unexpected results Jazz Shaw 3 hours ago
- WaPo: Say, this President doesn’t seem terribly competent at foreign policy, huh? Ed Morrissey 4 hours ago
- On the dismissal of the Chris McDaniel challenge in Mississippi Jazz Shaw 6 hours ago
- Quotes of the day Allahpundit 17 hours ago