As of today’s closing the S&P 500 index is quite literally in spitting distance of its all-time high as the markets cheered the first rate hike in a decade. Yet, as we noted here and here, most stocks are not quite acting as ebullient as one might expect given former. Here is more evidence of just that. The below chart shows the average stock’s distance from its own 1-year high, which at 19% implies the average stock is just outside the threshold of being in a bear market. This goes a long way in explaining why most mutual funds are handily in negative territory this year.