The VIX Index (aka the Fear Index) is also showing a low level of fear (high level of bullishness and complacency), bouncing around 20, in the area associated with rally tops since the last bull market ended in 2007, as marked by the vertical red lines in the chart below.

FORBES: Investor Bullishness, Low Fear Level Hint At Market Top

On March 11 the Japan REIT index reached a four year eight month high, 10% above the level immediately preceding the Lehman shock.

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At the beginning of 2004, the real yield of the high yield index stood at 5.20%, only slightly higher than the May 2011 level of 4.78%.

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The extreme price highs in early 2010 coincided with a high in the Shanghai Composite of around 3, 300 and that index recently tested the 2, 000 level.

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