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[nimblebear]

The market now trades at about 21 times the prior 10 years' average earnings. The long-term 10 year P/E ratio is about 16. Earnings have clearly peaked for this cycle, and are the best they ever have been. Structurally, are companies any healthier today than in the past 10 years. Clearly they have substantially more debt, along with a ton of cash. While workers income continues to be depressed and lags tremendously. Given the global economic climate with the EU breaking apart, and obvious signs of China imploding, today's premium over that long-term average is interesting. Maybe QE is "working." (to sustain the bubble anyway) Bernanke must be a genius. That's not necessarily a good thing.