Citibank strategists have been publishing the Panic/Euphoria Index (P/E) for a while now (1987). The dark blue line represents the index. At 80, it is now at the highest level it has ever been. The shaded area is the S&P 500 index. It is lagging the other index by 12 months. What it shows is that at P/E highs, 12 months later the market is lower. Make one wonder doesn’t it? [Past performance is no guarantee of future results]