It's official. The S&P 500 relative to US M2 money supply has now surpassed its Dot-Com Bubble peak. The reading is now 0.330, above the 0.308 level hit in August 2000. That level marked one of the WORST stock market peaks in modern history. After the S&P 500 topped in March 2000, it fell nearly 50% over the next 2.5 years. It then took about 7 years for the S&P 500 to reclaim that high. Now, stocks have broken above that peak again.