I'm currently outside of the USA and it's amazing how much financial news is still told from within a US perspective. Here's something I just noticed:
* S&P up about 15% since a year ago
* (but as we already know, this is mainly due to a few big tech companies)
* USDEUR and DXY (USD vs basket) are down about 9% since a year ago
So from an outside-the-US persepective
* inflation-adjusted S&P is basically flat
* ...and most of the "real" economy is doing worse than that
* ...and the nominal gains could quite easily be lost for any number of reasons
And the headlines are still full of stock market success for the year?
For me, US equities no longer pass the smell test.