This is hands down the best article on economics and the current state of the financial markets I've read this year. Arguably the past three. It explains many different things that are going on, but key above all of them is how central bank intervention in interest rates and quantitative easing distorts nearly all pricing in the financial markets guaranteeing them to become bubbles.
The stock market is no longer a "market" wherein investors try to find companies to finance. It is now a tool of multi-billion dollar companies to purchase back shares (because of a lack of any genuine new investment), a place for QE dollars to inevitably be parked, and a retirement vehicle for mindless-zombie-money for mindless zombies who think capital gains is what retirement planning is based on.
I am already getting ready for the people who say after a crash, "well how did you know!!!??? There were no signs!!!!"
I suggest you all stop watching state-endorsed news and go with genuine independent thinkers.