Did you see the guy on CNBC he looks at 2 year trends and doesn't consider the fundamentals...Doesn't that seem like a long time frame to not even consider the fundies?
I would guess (I am guessing here, I didn't see the piece) he assumes the market is taking into account changes in fundamentals in the long term trend, so the chart should reflect investor perception of the fundamentals. Who really cares what the fundamentals are, what you care about is how the market reacts to the changing fundamentals.