First, 'record levels' of anything are records for a reason. It is the point at which previous limits were reached. Therefore, when a ‘record level’ is reached, it is NOT THE BEGINNING, but rather an indication of the MATURITY of a cycle. While the media has focused on employment, record stock market levels, etc. as a sign of an ongoing economic recovery, history suggests caution. The charts below suggest that current levels should be a sign of caution rather than exuberance.