The S&P 500 and Nasdaq held near records to end the week despite a disappointing jobs report.

Both those indices reached all-time highs on Thursday and hovered near those on Friday. Markets have extended a relentless rally that has stretched through the summer despite a resurgence in Covid cases across the U.S.

But, Miller Tabak chief market strategist Matt Maley has a warning.

“There’s a huge amount of froth in the marketplace right now much like we’ve seen in other important tops of the market that only became obvious in hindsight,” Maley told CNBC’s “Trading Nation” on Thursday.

Maley sees warning signs in today’s market that look similar to red flags during the 1999-2000 and 2007-2008 peaks. During the dotcom bubble, for example, he says stocks shot sky-high no matter the fundamentals much like AMC and GameStop have this year.

“Now we have a very similar situation,” said Maley. “You have the meme stocks which are flying, … they’re…

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