Sometimes you just have to laugh...
Minneapolis Fed's Neel Kashkari said earlier...
"we are keeping our eyes open for asset prices to try to look for signs of bubbles” but admitted that it is "very hard to see asset bubbles in advance."
Indeed it must be... if your salary depends on it.
The S&P 500 has now gone a stunning 50 days without a 1% swing...
The S&P 500 Tech Sector has gone a record 14 days without a single loss...
And the NASDAQ 100 index is now at its most overbought since 1992 - most notably more overbought than at the peak of the dotcom bubble in 2000...
Hey, Neel, do you see the bubble now?
How about now?
But don't worry, earnings expectations must be soaring to support this exuberance, right?
Wrong!
Finally, as Bloomberg's Cameron 'macroman' Crise notes, if you’re looking for another reason to get bearish US equities, try this: the ratio of equity to bond returns is approaching all-time highs in data going back 29 years.