Against earnings? Yes, it is.
Against yield? Not yet.
Against other types of investments offering yield and relative protection if the markets believe October/November could see substantial sell-off from the June to current run-up? Somewhat, since this will be taken down with the lot, but still offers a solid yield.
I think the momentum keeps moving, barring tomorrow's jobs number which could throw everything off for a bit, until that crazy flash pop to nearly $49 is taken out. Analysts have already started their pump for $52+ price targets. People see 4%+ yield plus another $3-5 upside with some momentum and relative safety, and you've got Mr. Market possibly throwing you some pretty good numbers to lighten up on in the near future.
Full Disclosure: I've got Nov. $47 calls that I picked up today after rolling out of the Oct. $40's yesterday. For any sell-off we might see tomorrow given the jobs number and some profit taking after today's action and ahead of the weekend, I also picked up some OCT5 47 weekly puts.
The Stochastics and RSI are in relatively good range to give this some tailwind, although the FAST Stochastics showing massive divergence, dropping to oversold while VZ continued to plow higher. This has occurred before for VZ though, with the stock moving continually higher over a 1-2 month period while the Fast Stoch's dropped and languished. If this is repeating, we could see a few more points upside to the $50 level based on analyst upgrades, before the psychological sticker-shock really starts to set in and the big money starts selling to the bag holders.