"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...

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createElement(s);js.id=id;js.src=p+"://platform.twitter.com/widgets.js";fjs.parentNode.insertBefore(js,fjs);}}(document,"script","twitter-wjs");: "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...