Today's stocks are not built on reality, and have not been for years.
Many people cannot see.

So are you selling short? How much?
True. And for active traders one of the old rules was: If stocks get too frothy, move to bonds, where money can be made, only more slowly.
But today there is no money to be made in bonds, slowly or otherwise. How that fits into things, I'm not exactly sure. But I'm guessing that low bond yields would tend to put a brake on stock declines.