The Stock market is not the economy, We have an over hedged and under allocated Stock Market with inflation risk on the horizon. The bulls have picked SPY to consolidate their wealth and the Bears picked precious metals, and the investors went with both because everything was undervalued and to hedge downside. AAPL is not over valued, it gives rich folks 6% yield and FB is also not over valued, their don't matter right now. All that matters is that they will continue to perform well and return yield. Rich investors here have been building up wealth in apple and Facebook for a rainy day because we know AAPL should be priced much higher because it has share buybacks and dividends. Metals have also been trading conservatively over the years. There's so much money is bonds and cash that assets can only go up and everyone is hungry for yield. The Stock market was trading conservatively over the years because "nasdaq should be at 20k by now and SPY at 500" with the bulls. What a weird time in the stock market.