S&P500 -SPX - Adjusted for Inflation -Only 4.5% below ATH

Here is the S&P500 adjusted by the CPI All Urban Consumers Index.

The S&P500 sits just 4.56% below the All-Time-High.

This is an interesting "return" (no dividends are included in this analysis) for 15 years invested in the market and exposed to all of the price risk. Of course, if you take zero-risk you would expect to earn zero return. You can see why the Fed has been doing everything it can to reflate the markets.

Someone ring the bell when a New All Time Real HIGH has been reached.

Tim 10:05AM EST 12/3/2014