``The disappearance of volatility in the S&P 500 chart shown at the beginning, for example, is nearly an identical replica of the run-up to the 2007 stock market peak. Yet the appearance of a proven warning sign of a bubble top has been resolutely ignored... even the big cap "broad" market is trading at 19.6X reported earnings--a level achieved historically only at points when the stock market was on the verge an implosion.''

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