The stock market has not been this richly valued or avidly loved in two years

Stocks are almost back to where they were two years ago when they hit "peak happiness," marking the highest levels of valuation, investor confidence, financial liquidity and risk appetites achieved during this decade-long bull market.Unwelcome news such as the U.S.-Iran confrontation are mere gut checks and buying opportunities.Traders work after the opening bell at the New York Stock Exchange on August 5, 2019 in New York City.

Right now, stocks are almost back to the same valuation levels based on forecast S&P 500 earnings — which at the time had not yet fully accounted for the impact of the just-passed corporate tax-cut law. Profits would surge by 20% in 2017, on quicker growth and lower tax rates, so in effect the market was a bit less expensive than it appeared in January 2018.

Other differences are also crucial: Interest rates were higher and the Fed was embarking on a determined tightening campaign then, while the Fed now is intently on hold after three rate cuts last year. In January 2018, the mania for selling volatility options reached an extreme and reversed — causing some exchange-listed volatility instruments to implode and exacerbate the selloff. While volatility sellers are again active, not as much dry tinder has built up along this front, by all evidence.

But the market is now more confident a smoother iPhone upgrade cycle and services growth make the cash flows more enduring for years to come. This chart of the stock's free-cash-flow yield show the drastic revaluation of the company, though only to about the same levels as the broader market.On some level, this all amounts to a bull market doing typical bull market things.

A Fed-supported, debt-funded casino for about 8% of the population that ultimately costs more in recovery than it can produce at it’s height.

Or this juiced....

Okay 👌 let’s all work to bring it crashing down so we can get President Trump out of office. Is that what you want CNBC?

Loved ! 🤔

Obama!

Trump is manipulating the stock market

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