Trailing multiple on reported S&P 500 earnings is now... 100x!
This is a record, and double where it was during the tech bubble.
More facts: consumer discrtionary P/E multiple have expanded to post-2002 highs after a 40% rally from March lows.
AAII survey shows share of bulls has surged from 18.9% to 42.7%, same as levels in January when last "bull market" rally ended.
If the market's estimate of $70 forward earnings is off a tad, watch out below.
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