Equities in the west is mainly buy the dip strategy and it is clearly visible on Daily + higher TFs. Companies do buybacks of stock, lowers number of stock available, therefore PE ratio goes up. The companies aren't reinvesting in new stuff, they are just buying back stocks - because the Executives might have bonuses tied to share price. So if they have no profitable places to invest in, just buy back the stock and inflate the stock price. The NASDAQ is targeting 17000.