I stumbled upon a creation called the Euphoriameter which uses a combination of sentiment, PE ratios, and the VIX to offer an overall composite about how giddy folks are about buying stocks. It’s close to its highs right now, but far more interesting to me is how the stock market is making lifetime highs whereas the Euphoriameter, to date, has simultaneously made a lower high. Take note the similar divergence would took place in 2008.
