Economic surprises continue to come in on the upside, just as they have for many months now. Yet at the end of Q1, the DJIA price-to-dividend yield finally got to the overvalued zone going back to 1920. More worrisome, the S&P Industrial Average price-to-sales is at record highs, and our crowd sentiment composite shows excessive optimism, which may mean a lot of good news has been discounted.
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