Ken,
I, too, feel that the market is somewhat overvalued. But the main key seems to be inflation. With it being so low, especially w/ respect to the 70s, 80s and early 90's, it's harder to say what is mildly overvalue (i.e, not worth the commisions and taxes to sell and then buy back at a slightly lower price) and a 'are-you-out-of-your-mind' overvalued stock.
I do find it fascinating that the SI survey lately has been so disjointed to the market . Mostly, it has followed the market, occasionally, leading and looking like it knows what it's talking about! <g>
From what I can tell from other sentiment surveys, SI is the one out of synch.
I'm in the camp that says unless the Fed raises rates, the market should do reasonable okay. So, most of my money is invested. But, not that much in the high flyers, but more in the sedate (non-tech) or in the recovery (hopefully) mode.
Mat |
