### Comment:
....yes all of those were mentioned in the post 
  
 The relevant questions are: How do you determine how overvalued is too much? How do you decide how much shit debt is too much?

### REPLY:
Long running trend lines. We broke to the up side in August/September, which makes sense when the market is running hot. We're now correcting because of the macro indicators, probably to the mid trend line which is at like spy 2550.  
  
 I can see us returning to the top trend line after we restest the mid trend line

### END.