"The problem with melt-ups is that they almost always invariably are followed by meltdowns," Yardeni warned.
He noted that the current bull market in stocks was unusual, as they typically begin when valuations for firms are low. When stocks hit a low of 3,600 in October of last year, stocks were still fairly expensive, Yardeni noted, with the price-to-earnings ratio of the S&P 500 hovering around 15.
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