Valuation Charts All Over Map and That’s a Problem for Stocks

There has never been a bull market in stocks that lasted as long as this one that’s a week short of its 11th anniversary. A big reason it’s gotten this far has been that at every critical juncture, all those moments when a wave of panic seemed set to engulf the market, the buy-the-dip crowd came to the rescue, snapping up shares and turning the rout into a rebound.