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The indicator compares the confidence that "market will be higher one year from now" with "confidence in valuation in the market" - source: Bespoke

Break-down of MSCI year-to-date return attribution by country - source: Baird 

"We are downgrading Peloton to Neutral from Buy. Since adding PTON to the Americas Buy List on 10/21/2019, PTON shares are +458% vs. the S&P 500 +14% (...) with recent outperformance the stock has essentially reached our prior price target of $138 ahead of our expected timeline, suggesting much of the near term opportunity is priced in. We also see some risk to December guidance when the company reports Sept. quarter earnings given shipping delays caused by congestion at the Port of Los Angeles" - source: Goldman Sachs, The Market Ear 

As shown on this chart by CNBC/Bespoke, the stock popped more than 6% on average on the day following earnings report

There was a time not long ago when companies that traded at more than 20 times earnings were considered expensive. For investors in the software sector, things are a bit different. With most companies in the sector having no earnings to speak of, the more preferable way to value a company is to look at its multiple to revenues. Still, even by that metric, a number of companies currently trade at more than 20 times revenues, if not much more. The table below lists companies in the Russell 3000 Software industry that trade for more than 20 times annual sales. Of these 27 names, eight trade for more than 40x sales, and two - BigCommerce (BIGC) and Zoom Video (ZM) - trade at more than 100x sales. And it's not as though these companies are small either. Of the 27 stocks listed, more than two-thirds have market caps of more than $10 billion, and their combined market cap is over $750 billion. Looking at the YTD performance, the average gain is 159.1%. The median is not as strong but is still an impressive 113.6% - source: Bespoke