Stocks are now trading at their highest PEs since the financial crisis… “Just a little top heavy would you say?”

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“Just a little top heavy would you say?”

SPY Number of Shares Outstanding Continuing to Rise: McClellan

Check out the other instances when this indicator has gone above that upper 50-1 band. You will notice that all of them in this chart except one were associated with meaningful tops leading to noticeable corrections.

Volatility Targeting Funds Leverage Up at Fastest Since ‘18 Rout

A breed of systematic trader acutely sensitive to volatility is charging into U.S. stocks at the kind of pace last seen before “volmageddon” rocked Wall Street almost two years ago.


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