If you think my 1 day bullish move back to cautious was bad, check out this guy.
SPX 2367, CAPE 28.66
Interviewer: "Should the portion of someone's portfolio that was equities be reduced?"
Shiller: "Yes, reducing your holding of stocks, even for a long term, especially for a long term investor.... we know that when [the CAPE ratio] is this high, the [stock market] doesn't do that great."
SPX 2404, CAPE 29.39
"Think back to the 1990s, it went up from 30 to 45, that's a 50% further increase. I'm just saying, that could happen again. ... We have some kind of inspiration, maybe, from the White House, a businessman president. If factors go right and there are tax cuts for corporations, it's not that hard to understand" that [the CAPE ratio could go up 50%] (implying the market would also go up 50%).
SPX 2420, CAPE 29.62
"The Cape ratio... is at unusual highs. The only time in history, going back to 1881, when it's been higher, are a) 1929 and b) 2000. We are a high level, and it is concerning."