The stock market has a weight problem. The rise from the post financial crisis lows of March 2009 has been remarkable. And more recently, the continued resilience of a stock market that has already set the mark for the third longest bull run in history has been equally impressive. But the growing problem for the U.S. stock market as we move further into 2016 is that it is increasingly lacking any substance behind its latest advance. For if investors ultimately decide that they do not wish to pay more and more for each dollar of declining earnings, the market may eventually find itself in for an unsettling slide to the downside.
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