I am, more than ever, vox clamantis in deserto.
The Jim Cramers of the world are saying two things now: (a) buy, buy, buy; (b) we all know this is going to end badly, but you might as well make money now.
Part (a) they've said all along. After the market collapsed in 2008, and the Cramers of the world all looked like completely inept assholes, they realized they needed some insurance. So they added (b). This way, whether the market has topped out today, or it tops out three years from now, they can always jab their chubby little fingers at the past and say, "See? See? I told you this would end badly! I told you so!"
You can't have it both ways. You are either buying, selling, or on the sidelines. The Cramers and Roubinis and CNBCs and USA Todays of the world are saying "buy." And that is what they need to defend in the months and years to come. As for myself, chart after chart after chart tells me that anyone buying equities these days is utterly oblivious to history and, for the eight billionth instance, believes that this time it really is different.