NEW YORK ( FMD Capital Management) -- There is no denying this stock market's resilience over the last year. Every modest pullback is bought in earnest as investors throw caution to the wind, and demonstrate a voracious appetite for stocks. Despite the threats of government gridlock and overseas conflict; plunging commodity prices and an uncertain central bank future, traders have continued to reap the rewards of rising equity prices.It may not seem logical -- considering the odds stacked against an extension of this rally. However, the stock market is rarely a logical animal. Instead, it is a beast that climbs a wall of worry despite all compelling evidence to the contrary. Don't ever say that the stock market can't go higher, because it can and it will when you least expect it. This weekend marks the one-year anniversary since the SPDR S&P 500 ETF ( SPY) last fell below its 200-day moving average. The trend has most certainly been our friend over the last 52-weeks. You would have to go back two years on the chart to see this bellwether index having spent more than a week below its long-term moving average.