Earnings of the big tech companies have been dismal at best and the others have been meets or marginal beats within the margins of a accounting gimmick. The CNBC talking heads are saying that the markets are cheap at this level which is a total lie. The current 12-month trailing P/E ratio (as reported earnings) is 18.3x; the 12-month trailing P/E ratio at the time of the 2007 peak in S&P 500 earnings was 17.7x - so stocks are in fact more expensive now than at the prior peak and we know how that ended. Trade at your own risk! I'd be loading up on gold and silver right about now because they are both trading near production costs and there is no way the Fed is going to stop easing when the markets tank. You could see a double in silver in the next 12 months to 2 years.
Just read a story about how the recovery has been artificial, and while the private sector has not come back, the govmint part of the economy has in fact increased from 35 percent to 43 percent with massive state spending. Perhaps stopping Saturday mail delivery would help.
Of course it's artificial. Most of the jobs during the recovery have been temporary ones based on projects that the government is paying for. Once those end, so does the drop in unemployment. Companies are not lighting the world on fire with their profits yet the market is setting records all the time. The market is crooked but I'm not missing out on this crookedness.