<i>"The current P/E ratio of S&P 500 is the lowest in the last 10 years, making the stocks very inexpensive. "</i> Sure they are... based on layoffs, downsizing, outsourcing, M/E and stock buybacks. When earnings reflect organic internal growth & sales instead of accounting smoke & mirrors, savvy investors will get excited about buy & hold. While XOM remains leading money-earner of all companies, there is a problem.
Looks as if they are using the Dow to tow the line, the other indexes are much harder to juice higher, NQ acts like it want to go down ES is following the Dow very timidly.