The Fed's Williams warns that they "don't want there to be excesses in financial markets... "
Two quick things...
The market has almost never been this expensive...
As Peter Boockvar warns: "Almost there. S&P 500 price to sales ratio is just 4% from March 2000 peak."
And investors have never been more concerned about 'black swans'...
While VIX declined last week, the cost of protecting against major market swings has spiked above its previous Brexit-vote-day peak, reaching a fresh all-time high.
Via Dana Lyons' Tumblr,
The CBOE SKEW Index just closed at its lowest level since October 2014 – but is tail risk in the stock market really that low?
Are the "fiction peddlers" winning?
Since the "great" jobs report, stocks are tanking, the dollar has roundtripped, and bonds & bullion are surging...