“Black Swan” Anxiety Has Never Been Higher

The Fed’s Williams warns that they “don’t want there to be excesses in financial markets… “

Two quick things…

The market has almost never been this expensive…

As Peter Boockvar warns: “Almost there. S&P 500 price to sales ratio is just 4% from March 2000 peak.”

And investors have never been more concerned about ‘black swans’

As Bloomberg notes, concern is building that years of record-setting gains for U.S. stocks may give way to a market plunge, according to Jim Paulsen, Leuthold Group Inc.’s chief investment strategist. In a report Monday, he cited the Chicago Board Options Exchange’s SKEW Index, which shows the perceived risk for a so-called black-swan event that’s reflected in S&P 500 Index option prices.

Trade accordingly…

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