It’s the Wednesday after Japan’s massive QE announcement last Friday. And it’s the day before the ECB may do the same tomorrow. Predictably markets are drunk with liquidity and anticipation and at new all time human history highs for the $DJIA. But more predictably now are the unanimous calls for higher prices. Ron Insana just penned a victory piece for CNBC, Dennis Gartman has taking back his bear market call, and Goldman Sachs is out declaring a crash a very low probability. Well if that doesn’t convince you I don’t know what will.

I just bring up these examples to highlight the sentiment we find ourselves in and I want to outline some charts that could be viewed as screaming red flags, but you won’t hear any of this from the above mentioned parties of course or any of the bull parade back out in force on twitter and CNBC. All you hear is bullish seasonality. Buy the highs.

Hey maybe they are right, but I thought it would be nice to get at least someone on the record raising some thoughts of caution and perspective.

The charts below should be fairly self-explanatory as to exactly where people are being told that it is a good time to be bullish:

But hey, maybe we get our now weekly dose of new QE announced by the ECB tomorrow. Time for another gap up. Just don’t call it investing. Chasing may be more appropriate.

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