Janet Yellen says no stock market bubble, so what is it?

Market Pulse for Nov. 19

Last week the Dec. E-mini S&P 500 (CME:ESZ13) opened at 1767.00 and closed the week making new highs along the way at 1793.50. No close yet above 1800. Now I agree that PE ratios do look good and for many quarters now 75%+ of the S&P 500 companies have topped earnings forecasts, so why does it seem that tapering talk spooks the market, or does it?

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