The Last Canary

 Well, some things never change.  The herd is very temperamental and has a very short memory because here we are back at exuberance levels in the short term. 

However, in the medium term, this is a positive development considering the consecutively lower peaks. 

We still haven't gotten a buy signal from the McClellan Summation Index.  I am glad that my short term indicator got me out of short sales last Monday and Tuesday at profits.

"The only thing we learn from history is that we learn nothing from history."
-- Friedrich Hegel quotes (German Philosopher (1770-1831)

If this is not clear to you yet, you aren't paying enough attention.
"Once public opinion is convinced that the increase in the quantity of money will continue and never come to an end, and that consequently the prices of all commodities will not cease to rise, everybody becomes eager to buy as much as possible and restrict his cash holdings to minimum size… If the credit expansion is not stopped in time, the boom turns to crack-up boom: the flight into real values begins, and the whole monetary system founders."
-- Ludwig von Mises (1949)