S&P and Nasdaq hit intra-day highs but the markets are still too quiet. Eurozone and UK show strength. Online retail clicks. Home builders finally figure out what to build and it is selling. Uber’s world domination. Fast and electric. GE dredges up old dirt. Financial Review by Sinclair Noe for 08-23-2016 DOW + 17 = 18,547 SPX + 4 = 2186 NAS + 15 = 5260 10 Y + .0 = 1.55% OIL + .69 = 48.10 GOLD – 1.70 = 1337.90 The S&P 500 index hit an intra-day record high of 2193. The Nasdaq Composite hit an intra-day record high of 5275; those indices could not hold on for record closes. Approximately 96% of the companies in the S&P 500 have already reported second quarter results, approximately 79% of them beat earnings expectations and 56% exceeded revenue estimates. Still, earnings declined about 3.7% for the second quarter; that marks the fifth consecutive quarter of declining earnings.  Analysts are now anticipating third quarter earnings will decline .9%. If you believe the profit forecasts of U.S. companies, stocks are massively overpriced. The S&P 500 is currently trading at roughly 18 times next year’s projected earnings. That’s the highest markup since 2002. Still, the indices are hovering near record highs. You can’t call it irrational exuberance; irrational maybe but there is no sign of exuberance.   The markets have been quiet, very, very quiet. The past 30 days have been the least volatile of any 30-day period in more than two decades. Only ...