Investing great Ray Dalio said this week: "The stock market doesn't look very bubbly".

But Bank of America just released a new report titled: "The S&P 500 is egregiously expensive"

Who's closer to right?

Portfolio manager Lance Roberts leans more towards BofA's assessment, though that doesn't mean the current mania in stocks can't run higher.

But given that the S&P has risen for 15 out of the past 17 weeks -- a feat not seen since the 1980s -- Lance feels that the current rally is "extremely long in the tooth" and the odds of a correction are elevated.

We also talk about inflation, jobs, liquidity flows and the current level of risk commercial real estate poses to the banking system.

For everything that mattered to markets this week, watch this Weekly Market Recap.

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