I find this Bloomberg chart very telling! Adding to key message from this chart is that S&P 500’s forward 12-month price-to-earnings ratio is above 21 - the highest since 2001. It has not made much progress since mid-April. RVX (small cap VIX) to VIX spread is widening implies some cautiousness in near term though fear of missing out is palpable.

“The Cboe put-to-call ratio for stocks, which tracks volume in bearish versus bullish bets, fell Monday to the lowest level since Feb. 19 -- the day the S&P 500 last hit a record before falling into the fastest bear market of all-time” – Bloomberg, 20th May 2020

Chee Seng, Wong
CIO, Athena Advisors
wong-chee-seng@outlook.com