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Next stock market crash: Investor euphoria hits financial crisis level - Business Insider

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A gauge of stock-market euphoria is surging past the highs it reached before the 2008 financial crisis — and it's convinced one Wall Street bull that a meltdown is near

, the head of US strategy at RBC Capital Markets, who says the rally has firmly entered "euphoric" territory.

Rather, she sees proof beneath the market's surface showing that this rally resembles previous market tops — including the lead-up to the 2008 financial crisis. And so ultimately, she expects stocks to continue rallying — by 6% this year, based on the starting position of the S&P 500. On top of the euphoria that's apparent in futures positioning, Calvasina flaggedInstead of picking one metric, she combined 34 — including the price to earnings, price to book, and price to cash flow ratios) — into a single model.

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