ALBERT EDWARDS: The S&P 500 Just Hit A Spooky Milestone

Meanwhile, stocks are sitting at their highest levels since 2007.

However, there's something notable about the current trajectory of the S&P 500, which climbed as high as 1,473 on Tuesday.

"U.S. S&P rally from low looks spookily similar to 2007," writes SocGen's Albert Edwards in his latest Global Strategy Weekly note.

From Edwards' note:

Finally a hat tip to Brad Wishak at New Edge.... The same day the Vix fell to 131/4, the lowest since the zenith of mid-2007 complacency, and the same day the FT reported that equity fund inflows reached levels not seen since mid-2007 -link, Brad shows that the 807 point rally in the S&P from the devilishly worrisome 666 low is exactly the same as the rally from the 2002 low to the mid-2007 peak. Too many coincidences?

If you believe history repeats itself, then now's a good time to be worried.

Edwards maintains his bearish bias towards the stock market.