Stocks closed at a new post-crisis high today. Meanwhile, earnings growth expectations, which are the most important drivers of stocks, continue to fall. “Since the end of the fourth quarter (December 31), analysts have also reduced earnings...

Stock prices are going up as earnings expectations are going down.  And earnings expectations are arguably the most important drivers of stocks.  In technical terms, strategists will call this multiples expansion.  In other words, valuations are rising...