In the past we have seen this type of euphoria in the stock market, where markets gain momentum and nothing can stop it. As investors, its an enjoyable ride, but you also want to be cautious with certain positions in case valuations are getting out of touch with reality.

In today's video I will talk about this very situation in which I believe a pullback is warranted, but the momentum is just too strong right now. The S&P 500 (SPY 2.58%) has bounced strongly off the lows of March.

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*Stock prices used were end-of-day prices of May 8, 2026. The video was published on May 9, 2026.