Steven B. Schnall, the president of the New York Mortgage Company:
pointed to continued low interest rates as the most important factor in the market. "I don't see prices continuing to skyrocket," he said. "They've reached a very high level and this almost appears to be a new normal, and interest rates are helping that."
Flashback ... "Stock prices have reached what looks like a permanently high plateau."--Irving Fisher, esteemed economist, October 1929
Mish's Global Economic Trend Analysis 7/6 2005
RE: Nice chart below
For a visual picture of where the arrow now sits, please consult this chart and mentally adjust the arrow a notch to the right.