It’s a “risk-on” market right now with the S&P 500 near four-year highs and several market indices reflecting broad risk aversion.
Market expectations are low, fear is high, and valuations are attractive, setting the stage for positive surprises, says manager Bill Peattie.
Price-to-earnings ratios look historically cheap, but that measure may also be deceptive based on the history of the 10-year PE.
Market breadth finally looks healthy -- very healthy, in fact -- and is finally confirming the strength of the rally.
The wealth effect from higher asset prices such as stocks has become a primary monetary policy tool.
Valuation factors are modestly negative even though interest rates are quite low and the Federal Reserve has pledged to keep them there for some time.
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