Fra Zerohedge:
If you’re buying stocks here with both hands and feet, these are the ‘facts’ you’re accepting…
The market has never, ever been more complacent…
The market has never, ever been more highly priced. The last time that the S&P 500’s price-to-sales (far harder to manipulate that P/E) was March 2000 (right before the dotcom collapse) and late Jan 2018 (right before VIXmageddon)…
Source: Bloomberg
Additionally, Enterprise Value-to-EBITDA is near its record highs…
Source: Bloomberg
Additionally, the yield curve trading flatter/below the credit spread of US senior bank debt has not ended well for markets…
Source: Bloomberg
The last time the market was as overbought as this was Feb 2018, right before the VIXmageddon…
Source: Bloomberg
The stock market has never, ever been more decoupled from actual (un-faked) earnings…
Source: Bloomberg
And even Ed Yardeni recognizes the decoupling from top-down macro fundamentals…
Source: Bloomberg
We know why… global central bank liquidity is expanding at a record pace…
Source: Bloomberg
And what happened the last time that The Fed piled billions of special liquidity into the market to support uncertainty (during Y2K)…
Source: Bloomberg
So, do you feel lucky?
