Nothing lasts forever in markets, especially feel good vibes. And if the market rally to kick off 2026 is to be tested this month, it's likely to come from stocks being priced for perfection ... and perfection not happening. "The market is richly valued trading at a high multiple that presents a major risk if lofty earnings expectations fail to be delivered," says Sevens Report Research founder Tom Essaye. To Essaye's point, the forward price-to-earnings ratio (PE) for the S&P 500 (^GSPC) is 22 times — ...