More Than A Sugar High

US equities came into May looking to build on last month's gains, propelled by a tailwind of robust economic data and earnings beats. April was the best month for US stocks since the election and more than 95% of S&P 500 constituents currently trade above their 200-day moving average. Multiple are stretched on virtually every conceivable metric (updated figure, below, from Goldman) and skeptics see froth, bubbles and trouble around every turn. So, same it as it ever was, I suppose. Infl