In Jul 2000 the S&P hit the mid 1500's and we determined we were in the 'internet bubble' and the S&P proceeded to drop into the upper 700's over the next 30 months.
In Oct 2007 the S&P revisited the mid 1500's and the 'housing bubble' crashed send the S&P back into the 600's (for two days) over the following 18 months.
My main point isn't that the S&P can't continue upward from here, but more that it only gets into this pricing neighborhood by being driven here by a bubble. Once we realize this and when our current balloon breaks we'll see history play itself out all over again.
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