actually the XBI biotech index is now firmly in a bear market and in a sustained nosedive. What is more, the Russell 2000, which is probably the best barometer of whether the general stock market is overvalued, has also moved to a solid nosediving bear market. @ its current price,1666 (a great figure for Halloweeners), it is down dramatically from its high of 2470, and is back to its precovid level of april 2020. I say the Russell is an excelllment metric for the overall market because it removes the giants, and especially the Big 7 tech monopoly companies. In fact if you remove just these 7 from the S & P, you will find that this index is negative for the year. (although not yet in in a bear market. So it is not just avxl. Check the rest of your stocks.
So while your observation that Dr. M is no good, but that the general market or comparators are soaring, is incorrect. The general market is solidly entrenched in a bear market, which is not something you will ever hear from Bloomberg, cnbc etc. They want you invested. The market is certainly not looking forward at this moment; it is not prepared for significantly higher for longer interest rates and the coming effects of the interest rate cycle. And Warren Buffet is saying also, that the Market is wildly overvalued, by well over 33%. Just saying. https://currentmarketvaluation.com/models/buffett-indicator.php
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