Tech Stocks Extend Record Winning Streak As Dow Tops 20,700

Overheard everywhere today…
Dow, S&P, and Nasdaq all hit fresh record highs today
(as Reuters notes)
The S&P is trading at 17.8 times earnings estimates for the next 12 months, above the long-term average of 15 times, according to Thomson Reuters Datastream.
“There is no doubt in anyone’s mind that the market has become over-extended and is due for a pullback,” said Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey.
“That said, when you have this kind of momentum, it is very hard to sit on the sidelines.”

This post was published at Zero Hedge on Feb 21, 2017.