Stock Market Soaring Into Bubbly Territory

Today’s news:

S&P 500 soars above 3,000 for first time as Fed Chair Jerome Powell hints interest rate cut likely in July

So are stocks overvalued? Beats me. I’m not the oracle at Delphi, after all. But here’s an old-school way of looking at things:

The 10-year trailing PE ratio (aka Robert Shiller’s CAPE) is pretty high these days, though it’s fallen over the past few months. Be careful out there.

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