Last year the markets rose $9.2 trillion, the best year in dollar terms since 2013.

With the S&P 500 trading at 18.2 times forward earnings, the markets seem priced for perfection, with little cushion for something to go wrong.

Last Thursday, with the S&P 500, Dow, and Nasdaq gapping to all-time highs, CNN’s Fear & Greed Index hit a euphoric high of 97.

And another options speculation index showed traders favored bullish strategies 30% more than bearish ones, the same level in 2000 before the internet bubble burst.


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