A summary of the current financial market bubble

STOCK  MARKET  LEVERAGE:
Stock margin debt is at the highest level in history, relative to GDP
   (see chart below)

STOCK  VALUATIONS:

The most extreme stock valuations in stock market history  

   (see charts below).

S&P 500 is currently "over bought" relative to the 200 day moving average.

SPECULATION  IN  CREDIT  MARKETS: 

CCC-rated junk bond yields fell briefly to the lowest level in history last week.

The expected return of the S&P 500 relative to Treasury bonds is at levels previously seen only at the 1929 and 2000 market peaks.

RISK OF A STOCK MARKET CORRECTION: 

Very High