lets not get technical or do any analysis - for that is a true folly. the markets are not rational, reasonable, or logically - it moves till it hits the puke point. john doe - isn't in this market yet, he's thinking i'll stick with my 5.05% CD (1% net inflation and taxes). he's thinking he won't get suckered in like in 99. he'll buy all in at 1650. what bull market in history has ended with a pe of merely 16? bull markets end when everyone is drunk with greed - and everyone is talking about the market just like it is in china right now. this market will not go down until the fed lowers rates, because if Ben isn't concerned about the economy then why should the market have any concerns?