1. Highest ever Wilshire 5000 market cap to GDP valuation for equities
2. Highest ever margin debt to GDP ratio and lowest ever net investor credit
3. Record extreme INVI bullish sentiment for equities
4. Record extreme bull-bear Rydex equity fund allocation
5. All-time low in junk bond yields
6. All-time low in the VXO volatility index (the original Vix)
7. Highest ever cluster of extreme Skew (tail-risk) readings in July
8. Highest ever Russell 2000 valuation by trailing p/e
9. Lowest ever Spanish bond yields
10. Lowest ever US quarterly GDP print that did not fall within a recession
Below are a number of graphs that represent a current snapshot of the macro economy. Taken individually, these graphs might cause you to raise an eyebrow or pause and reflect for a moment, but probably not much more than that. Taken as a whole, however, they should stop you in your tracks. As a believer in mean reversion, I just don't see how this is going to end well.
To kick things off, let's first take a look at the S&P 500, making new all-time highs all the time.