The valuations here really are extreme, the complacency is also extreme. I mean investors are willing to pay very high prices and have very little worry that the stock market is going to go down.
People have very short memories, I mean we've had two major 50% declines in the stock market this century. Since 2000 we've had the market cut in half twice and it could easily happen again yet nobody seems concerned.
Related trading instruments: SPDR Dow Jones Industrial Average ETF (DIA), SPDR S&P 500 Index ETF (SPY), Nasdaq 100 Index ETF (QQQ), iShares Russell 2000 Index ETF (IWM)