Equities in the major indices of U.S. stock markets are trading at or near all-time highs.

The economy is growing. The Federal Reserve Bank of Atlanta just raised its projection for GDP growth in the third quarter to 3.3%. There are signs of a sustainable boom in productivity growth. Corporate earnings are growing strongly, and analysts are raising earnings forecasts at a time when they are typically tempering expectations. To cap it all off, the Federal Open Market Committee of the Fed Board just lowered interest rates and indicated that further rate cuts are on the way.