...today's American market participants don't seem to be unduly...

...today's American market participants don't seem to be unduly worried about stretched valuations.

...I'd even say many could be totally oblivious to it. As long as the market continues to move higher ignoring it, few are paying attention.

...well, even those who know it aren't doing anything.

The P/E ratio on the S&P 500 has moved up to 25, with a multiple expansion of 13% in 2024.

This is 28% higher than the average P/E ratio since 1989 (19.7). (note: using trailing 12 month operating EPS, estimates for Q4 EPS)

https://x.com/charliebilello/status/1875007963443965997

FUN FACT: S&P 500 has now traded red for 5 straight days while remaining at least 5% above its 200D moving average.

This exact situation occurred prior to the 1987 Black Monday Crash!

https://x.com/Barchart/status/1875066860305306111