If you’re feeling FOMO, envy and greed about record stock prices, you’re not alone. That’s how market bubbles form.

Some stock-market contrarians reassuringly say that investors’ current concern that the S&P 500

SPX, the Dow Jones Industrial Average DJIA and the Nasdaq COMP are all forming a frothy U.S. market bubble is exactly why the market isn’t in one.

But a market bubble can materialize even when most investors are worried about one. Like now. A recent Bank of America fund-manager survey found that a record 91% of survey participants believe the stock market is overvalued, and Google Trends shows a sizable increase in recent weeks in the number of finance-related searches focusing on bubbles, as you can see from the chart below.