this cuts the bs-

Jesse Colombo‏Verified account @TheBubbleBubble 4h4 hours ago
This is Worse than Before the Last Three Market Crashes: [link to wolfstreet.com] …

"..When earnings per share remain flat over time, but the stock price rises, then the P/E ratio (the multiple) expands. When this spreads across the market, even when aggregate earnings remain flat, it means “rally.”..
And earnings have been flat since 2011! The other day, I posted a chart that showed that earnings of the S&P 500 companies in Q4 2016 were back where they’d been in Q4 2011. So five years of earnings stagnation. Yet, during those five years, the S&P 500 index soared 87%..
..The thing that changed during those five years was the P/E ratio..
..This aggregate P/E ratio has nearly doubled from 14.9 on January 1, 2012, to 26.7 on March 3, 2017:..
..The current period of non-stop P/E ratio expansion has lasted for 57 months, by far the longest in the data series..." (<50%)


..add to that a decade of zirp/nir, 90% rise in s&p500 in 5yrs, and- "..On a trailing 12-month basis, 66% of net income was blown on buybacks..." (despite the recent decline- 28% in last quarter)

"S&P 500 Earnings Stuck at 2011 Levels, Stocks up 87% Since"
[link to wolfstreet.com]