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So the S&P almost breached 4500 last week and it\'s still hanging out around it\'s 52-week highs. On top of that, a lot of market \'experts\' on CNBC and Bloomberg have suggested that the price action isn\'t euphoric and that there is substance to this kind of equity valuation. A lot of the optimism, however, doesn\'t seem to want to remove any blinders to the fact that the Fed is still in it\'s tightening cycle along with some major issues in the world\'s second largest economy: China. So in other words, we\'ll see who wins this tug of war.

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