My observation is that not nearly everyone is feeling good about the stock market's present state of affairs. If you're in the naysayer's camp, the following charts may surprise you. But, please, take heed; there's no guaranteed---never!---that bear markets can't emerge amid decent fundamentals. I remain sanely agnostic when it comes to the short-term direction of the market.
While the following indeed bolsters the bull's case, make no mistake, bears have their charts as well. Although these days they have to get a bit more creative than they did a few years ago. Were I to take the bear track (remember, I---in the short-run---take neither), I'd simply present these very same charts and remind you that what goes up, or down, as the case may be (you'll see in a second), must go down, or up, as the case may be.
Here's a 30-year look at the cash on the balance sheets of the companies comprising the S&P 500 Index (click on each chart to enlarge):
![spx cash](http://www.betweenthelines.us/wp-content/uploads/spx-cash-300x217.png)
Profit Margins:
![spx profit margins](http://www.betweenthelines.us/wp-content/uploads/spx-profit-margins-300x217.png)
Earnings:
![spx earnings](http://www.betweenthelines.us/wp-content/uploads/spx-earnings-300x216.png)
Current (short-term) assets and liabilities:
![spx current assets & liabilities](http://www.betweenthelines.us/wp-content/uploads/spx-current-assets-liabilities-300x217.png)
Total Assets:
![spx total assets](http://www.betweenthelines.us/wp-content/uploads/spx-total-assets-300x216.png)
Total Debt:
![spx total debt](http://www.betweenthelines.us/wp-content/uploads/spx-total-debt-300x215.png)
Debt to Asset Ratio:
![spx debt asset ratio](http://www.betweenthelines.us/wp-content/uploads/spx-debt-asset-ratio-300x217.png)
Price to Earnings Ratio:
![spx pe](http://www.betweenthelines.us/wp-content/uploads/spx-pe-300x215.png)
Price to Book Value Ratio:
![spx pb](http://www.betweenthelines.us/wp-content/uploads/spx-pb-300x217.png)
Stay tuned...
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