Sell SPY by Aug 23, 2026.

Looked at some valuation data today and honestly it's making me think more than I expected. trailing P/E is at 31.8x. Long-term average is \~17.6x. even the 10-year average is only \~23x. So we're not just "a little elevated" we're pretty stretched on a historical basis. the bull case is baked into the forward P/E: analysts have it at 23.2x, which means they're pricing in roughly 27% earnings growth over the next 12 months. that's... a lot to deliver on. …