No. of Recommendations: 2
It's hard to find a legitimate valuation method (book value, average yield, etc.) that does not show stocks in general to be valued like 1929 or 1999. That is, higher than at any other time over the last century, excepting only 1999/2000.

Just as after the long 1970's bear, people get used to a new level of valuations, and they seem normal. In 1980, a market p/e of 8 seemed normal, and only people like Richard Russell and Warren Buffett (and me)were saying that it was a good time to buy stocks. Those two worthy gentlemen are both singing a different tune at the moment, as are all the pundits that make sense to me such as Jeremy Grantham, Steven Roach, Katherine Welling, Alan Abelson, Marc Faber, etc.

There is no doubt in my mind that we are still in the bubble.

The market took a look at the wonderful economic news that showed up today, shrugged, and took a nap. It sure looks like the bull is getting really tired. Looks like my call of the top about a month ago may turn out to have been pretty close after all. Time will tell.

Good luck,

Ed.
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