[1]With NYSE margin debt at extremes once again [3], complacency at all-time highs [4], valuations (across equity and credit) frothy [5], and the cacophony of bullish consensus momentum chasers, it seems the anti-thesis of FDR's speech appears quite appropriate...
Extreme Sentiment - check!
[6]
Extreme Leverage [3] - check!
[7]
Extreme Complacency [4]- check!
[4]
Extreme Valuations [8] - check!
[9]
(h/t @Not_Jim_Cramer)
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Links:
[1] http://www.zerohedge.com/users/tyler-durden
[2] http://www.zerohedge.com/taxonomy_vtn/term/295
[3] http://www.zerohedge.com/news/2013-05-02/s-t-r-e-t-c-h-e-d
[4] http://www.zerohedge.com/news/2013-05-07/extreme-complacency-trumps-macros-biggest-5-week-plunge-two-years
[5] http://www.zerohedge.com/news/2013-05-04/you-know-market-frothy-when
[6] http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2013/05/fear.png
[7] http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2013/04-2/20130502_stretched.jpg
[8] http://www.multpl.com/
[9] http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2013/05/20130511_huss4.jpg