Just maybe, somebody out there is reading the data rather than listening to the coo-cooing of Janet Yellen.
If so, somebody was in multiples on Tuesday, selling shares of just about everything as the Dow took a triple-digit loss, coming on the heels of Monday's sombre session.
Stocks backed off in a big way, with winners outpacing losers by a margin of better than 2:1. While the past two days may be nothing more than average market noise, there have been more voices of discontent airing their views of late, adding to the chorus of naysayers who say 23x earnings on the S&P is simply not sustainable, nor suitable for investment.
In an average environment, stocks should be sporting a 14-16 multiple. That has been the norm for the past 50 years, and there's sufficient data for which to back up those claims.
There is a possibility, albeit a minor one, that more than a few of the higher-profile analysts and brokers are quietly telling their clients that the market is overheating, especially at a time in which data points have not been particularly encouraging.
Add to the mix the recent decline in oil and the messy bond market (10-year note down again today), recent highs, and the conditions are ripe for a substantial decline.
What market-watchers gasped at in January of this year may be about to return. If that's the case, there's little the Fed can do - or say - to keep stocks at their current nosebleed levels.
They will try, though, that's for certain.
S&P 500: 2,045.17, -20.96 (1.01%)
Dow: 17,603.32, -133.68 (0.75%)
NASDAQ: 4,843.93, -47.86 (0.98%)
Crude Oil 36.47 +2.16% Gold 1,232.90 +1.12% EUR/USD 1.1382 -0.08% 10-Yr Bond 1.73 -2.92% Corn 355.75 +0.35% Copper 2.14 +0.12% Silver 15.14 +1.31% Natural Gas 1.94 -3.00% Russell 2000 1,095.85 -1.14% VIX 15.42 +9.21% BATS 1000 20,682.61 0.00% GBP/USD 1.4158 -0.77% USD/JPY 110.3350 -0.88%