Many have warned recently that stocks have priced themselves to perfection, setting major indexes, including the S&P 500 and Nasdaq, up for a tumble.

The bulls argue that stocks can continue marching higher thanks to upward earnings revisions associated with a reduced risk of a US recession, a major worry this spring when the S&P 500 tumbled 19% from its February highs to its April lows amid President Trump's tariff announcements.

Meanwhile, bears are betting on a retreat point to stretched valuation, such as forward price to earnings ratios, and a shift in sentiment measures from oversold in April near the lows to overbought.

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Those in the bullish on stocks camp have been handsomely rewarded for their optimism, given t

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