You know the market is sky-high when the comments section over at ZH has permabulls chastising the regulars there and are getting no flak in return. Twelve years of a straight-up market has left the normal ZH crew speechless.
There are other data points, of course, to illustrate our nosebleed levels. The Schiller P/E Ratio, for instance, shows the only time we’ve been higher is during the Q1 2000 peak. (And it’s funny to consider just how relatively tiny the national debt was back then).
Also courtesy of SlopeCharts is the percentage of stocks above their 200-day moving average. We’re, ummm, kind of stretched to the upside.
You’ve probably noticed my recent fascination with how meme stocks are flaming out. And “flaming out” doesn’t necessary mean going down. Just being flat is enough, because the fanboys and new traders basically need the likes of PLTR and GME to go up 5% day after day to satisfy their cravings. They aren’t.