Kevin Duffy of Bearing Asset Management has a column on Lew Rockwell's site laying out lots and lots of example of, uhm, irrational exuberance about the market. It’s not so much the optimism that’s making him nervous but about the ubiquity of the optimism.
Never confuse a stampeding herd with the facts. Only in a bubble can the majority – utterly intolerant of dissent – delude itself into believing it is in the dissenting minority. We’re not sure whether such behavior is disingenuous or simply dysfunctional. Perhaps the old saw applies: "When everyone is thinking alike, no one is really thinking."
Sell Dow 12,000 [LewRockwell.com]