Do You Own One of the Most Expensive Stocks on the Market?

Do You Own One of the Most Expensive Stocks on the Market?

"Risk-on" and risk-off" are remarkably straightforward notions. When investors are bullish, they increasingly migrate into ever-riskier stocks, either ones that sport higher valuations, or ones that are small but potentially quite promising. Yet after a six-month stock market rebound, the "risk-on" trade may be wearing off. And if markets pull back, get ready for the "risk-off" trade (also known as a "flight to quality"), where investors shift funds back into assets that are most likely to preserve capital.

Right now, a number of stocks in the S&P 500 have moved into...