Christmas has come early for investors, with stocks again taking out record highs on Thursday as indexes continue to climb toward year-end. At last check, the Dow DJIA, +1.33% was up triple digits, while both the S&P SPX, +1.59% and Nasdaq COMP, +2.26% were even more firmly in the black.

Clearly, the buyers have the upper hand lately, but are the bulls being smart? Or just greedy? According to this chart from Jesse Felder of the Felder Report blog, it’s looking like the latter.