Dangerous cocktail of indicators

They say Australia catches a cold if the US sneezes… The Dow Jones is currently at an all time high and with P/E ratios sitting at 26 where 28 is considered ‘bubble’ territory and 14 fair value; dividend yields are a very low sub 2%; the Relative Strength Index (RSI) is sitting above 70 being a clear ‘over bought’ indicator; the Volatility Index (VIX or “Fear Index”) is very low as it normally is before a bull crashes (and partly explaining gold’s current weakness), and we’ve shown earlier the S&P 500 is in the same territory above WMA’s as previous bubble tops.  And to make this even more precarious it is supported by over $420 billion of margin loans – a record high.  Seems like the US sharemarket is walking through a field of flowers in clouds of pepper.  Do you have a golden hanky?