By almost any measure, the overall market is seriously overpriced. However, this does not feel like a market top to me. It's not crazy enough. I think the market may have another 15-25% in it over the next couple of years. However, when this market does top, I think it will be a major-major top that won't be breached again for a very long time.
When the market topped in the late 1960's it did not progress to new higher levels for a decade. I think we will be looking at that again. There are consequences for the Fed and Congress mismanaging stuff this badly.
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I thought it would take longer to get this old.
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