Thoughts, from Natural Philosopher
The S&P 500 has been in backwardation continuously since October 17, 2008 as the dividend yield on the S&P 500 has exceeded the risk-free interest rate. Prior to that date, the S&P 500 was always in contango except for a few days in March 2008. I think the backwardation is bullish; Philip Carret said in 1931 in The Art of Speculation that "borrowed money is the lifeblood of speculation", and it is very bullish when "stocks carry themselves."