1) OK. My point is the markets have been driven more by institutional algorithmic trading than fundamentals. That should give no one comfort.
In conclusion I will say, the markets are certainly interesting to watch at extremes. Fear and greed are mirror image emotions. Advisors get the most calls at extremes, the fear of losing or the fear of missing out. Eight years ago, January 2009, the S&P 500 closed at 825. The last thing investors wanted was a stock. By March of that year we hit 666, taking the index back to 1996 levels. And today, you can't own enough stock, markets never been higher, all in the face of a not so good environment on many levels. Some people never learn.