Bonus Chart of the Day: Like It's 1999

While articulating my #2 reason why it might be dumb to own stocks if you have a one-year time horizon in this morning's video I suggested that "valuations are not justified by present fundamentals."

Here -- our chart showing that the S&P 500 price-to-sales ratio has risen to a level not seen since just before the bursting of the tech bubble back in 1999 -- is some evidence:   click to enlarge...