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Yes, dumb money is flooding into the markets. Anyone wishing to call themselves "smart money" would have been buying at half the price four years ago - or at 25% cheaper prices in autumn 2011.

Inflows to mutual funds in January 2013 have reached levels not seen since spring 2000 (the peak of the dotcom boom).

The Fool discussion boards are buzzing with activity and optimism like I've rarely seen before as investors regale their portfolios and their brilliant stockpicking (even monkeys can make money when the market overall is moving up).

This bull market is old - and also one of the biggest in terms of price appreciation off the lows.

Equities are not cheap.

Economic fundamentals are mediocre at best.

Investors are panic-buying and now refusing to even contemplate the idea that markets could ever decline; they've fallen in love with their shares because of what has been - not what may be.

Chart indicators are very high - some as extreme as seen in the year 2000.

The bulls may be able to continue to dance on the bears graves for a while longer, but from current prices it will eventually be the bears who get the last and best laugh.

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