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"Momentum-Investor-Fueled Euphoria" - Who Just Wrote That?

|Includes: Netflix, Inc. (NFLX)

The NFLX CEO in his most recent shareholder newsletter:

"In calendar year 2003 we were the highest performing stock on Nasdaq. We had solid results compounded by momentum-investor-fueled euphoria. Some of the euphoria today feels like 2003."

That should tell us something. See my earlier post on a 2013 tech bubble brewing - it's not Nasdaq 1999 yet, but Nasdaq 1998 doesn't seem like a bad analogy for some technology stock moves in 2013.

More in early 2014. Let's wait and see how a possibly already fully priced market does in its last innings.

Societe Generale's Albert Edwards (yes, he's usually very bearish, but hear him out, there are enough bulls on CNBC and other financial media each and every day) writes about the US stock markets:

Only the brave can react to what they see and leave the markets. The global macro looks an appalling mess and even more importantly, long-term equity investors can find nothing worth buying. For equity investors we are closer to 2007 than 2001 as the vast bulk of the equity market, as represented by the median PE, PB or Price/Sales, is expensive. The US median price/sales ratios is at a record high, indicating that there is practically nothing cheap in the equity market left to buy.