Putting this behind us removes earnings volatility and meaningfully improves our pro forma Tier 1 Common ratio under Basel III.

FORBES: Morgan Stanley Settles MBIA Suits, Will Take $1.8B Hit

The eight-week average of this ratio, which smooths out the week-to-week volatility, is an even more bullish 1.03-to-1.

FORBES: Insiders still betting heavily on stocks

Crawford also cites a declining ratio of new highs to new lows, as well as a rising Volatility Index (VIX).

FORBES: Martians Invade The Markets

Clients who use this ratio may end up flocking to a manager who earns a relatively modest return with very low volatility.

ECONOMIST: Smooth returns can be a sign of danger for investors