In the new normal, where bad news is good news, stagnation is growth, and depression is a buying opportunity, it should be no surprise that the so-called "safety stocks" of the Consumer Staples sector have never been more risky. At a P/E valuation of 22x, food, beverage, and tobacco companies have never been more expensive.

But, "safety stocks" are not the most expensive stocks in the US equity market...

This is what a speculative frenzy looks like!

more than doubled in the last month!!

Yes - you read that correctly - The S&P 500 Energy Sector currently trades at 101.5x analysts' expectations of next 12 months earnings.