‘The stock market is once again detached from reality’: A 26-year market vet warns that stocks are due for a rude awakening in the months ahead

• Stocks are now up 16.7% since June 16.
• But longer-term, they remain poorly-positioned, says Lance Roberts.
• Corporate earnings and the S&P 500’s performance are far above long-terms trends, he says.

Stocks have a staged an impressive rally this summer, now stringing together four consecutive weeks of gains and clawing back 16% since mid-June.

The gains follow one of the worst starts to a year in history, with the S&P 500 falling as much as 23% since January. With inflation now apparently starting to come down and the labor market still strong, some see the rally sustaining itself through the end of the year.

But whether or not that happens, the market is still poorly positioned for the longer-term, according to Lance Roberts.