The equities, commodities, and precious metals spaces all look like they are trading above their historic averages, which may signal a revision downwards to the mean, this according to Mike McGlone, senior commodity strategist at Bloomberg Intelligence.
“The key mean that really matters in the S&P 500 is the mean that started with the Fed rate hike which was December 2015. That was essentially the low last year, right around 2,400. The significance is that the market is now 20% above that,” McGlone said.