There's something in the market that's telling us a story - and that particular story has been seen only once earlier. Of Extremely High Valuations. In January 2008.
The market has been valued at these levels (or higher) only for 10 trading days. Since 2000. Those 10 trading days are between 31 December 2007 and 14 January 2008.
The market fell over 20% later in January, and then much more towards the end of the year. We could argue this is because of Bear Stearns or because of Lehman but . . .