The current equity market is based on myths. Remember when a stock price flexed based on a company's performance? Remember when a company's EPS was evaluated on a comparison to LY instead of "expectations". And here we are at an all time market high with trading volume at 20% of past norms. Trading volume that mostly consists of HFT action by the TBTF banks. And I use "banks" as a euphemism because they now make their money trading, not banking. And they do it with free money from the Fed. The equity market in America is completely disconnected from fundamentals and exists only to make money for the "banks". And when they stumble, they use accounting gimmicks to "fix" the problems, as JPM did when reversing $1.1 billion in reserves.