Signs of euphoria and over bullishness have been everywhere since January, and after two months, chances are, we've topped. At least temporarily, but chances are, we've topped for good.
(Bloomberg) -- Mar 1, 2012 -- The Standard & Poor’s 500 Index (SPX) has
the potential to reach a record high of 1,700 this year should
economic growth surprise investors the same way falling bond
rates did in 1995, Birinyi Associates Inc. said
[...]
In January 2011, Birinyi said the average length and size
of bull markets suggested the S&P 500 would rally to 2,854 on
Sept. 4, 2013.
“That number hasn’t gone away,” Jeffrey Yale Rubin,
director of research at Birinyi Associates, said during a phone
interview today. “It’s not like Birinyi is lowering the target,
because that’s way out there, almost to 2014.”
ZeroHedge has a nice chart showing the irrationality of Birinyi's target:
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