This post was originally shared in my DT Email Newsletter here. There’s no clear end in sight. The UAE said it had intercepted missiles fire from Iran. This is the first time the UAE’s missile alert system was activated since the US-Iran ceasefire started last month. Ships are still effectively stopped in the Straits of Hormuz. Energy prices continue to rise. President Donald Trump also announced “Project Freedom”, which he said US would begin bringing ships that aren’t involved in the conflict and are stuck in the Persian Gulf. Yet, amidst all these, the stock market continued to edge higher over the past month, with the S&P 500 up 9% Nasdaq is up 14% and DJIA up 4.9%. This overlooked signal tells me it’s now more than just a bull market. The S&P 500 Shiller CAPE Ratio now trades at 40x its cyclically adjusted PE ratio. This is just a few percentage points off the dot-com high....