Nothing seems to be able to stop the stock market from closing in on an all-time high.
Sure, there are plenty of signs that suggest this bull market is stretched and due for a sell-off.
However, the bulls' case has made this market bulletproof to bad news.
Yes, global growth is slow.
But the economy is still growing, and S&P 500 companies are actively increasing exposures to regions where growth is hot.
Yes, profit margins are near all-time highs.
But it's a mistake to think things revert to the mean just for the sake of mean-reversion. There are plenty of reasons why margins will stay high.
Some skeptics think that the stock market is being driven by easy monetary policy. And they warn of a time when the Fed tightens. But evidence shows that stocks can continue to rally amid a tightening Fed. And the Fed is expected to remain easy for a long time.
As you'll see, the bull case for stocks is quite robust.
The US economy may be anemic. But the US economy and the stock market are very different.
Nearly half of S&P 500 revenues come from foreign countries, where growth may be higher than in the US.
Source: S&P Dow Jones Indices
Many US companies are exposed to the emerging markets and their consumers, which constitute the biggest growth opportunity in the history of capitalism.
Source: McKinsey, Business Insider
See the rest of the story at Business Insider
Please follow Money Game on Twitter and Facebook.