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This market is getting so crazy fascinating. People are doggedly debating the term “bubble,” hoping for a pullback or betting on a blowoff. The noise level is just off the charts.

Over the past couple of months we have had heavyweights like Stan Druckenmiller, Julian Robertson, Carl Icahn, David Einhorn and Jeremy Grantham some of the very smartest guys in the biz, call the stock market ‘overvalued,’ ‘bubblish,’ ‘toppy,’ etc.

At the same time we have (former) perma-bears like Richard Russell, Dave Rosenberg and now Hugh Hendry give up on the bear side and flip bullish! Is this classic capitulation or what?!

Still the stock market goes higher… but for how long? Who do you believe?

Chart of the Day:

The sentiment cycle, now hitting levels of extreme bullishness along with nearly non-existent bearishness, lines up well with the time cycles below. the 6.5 year cycle marked the 1987, 1994, 2000, 2007 peaks… and today: