The Catalyst forced-buying is over; President Trump's honeymoon is nearing an end; so what happens next?
There is an 'odd one out' in the world…
The last few weeks have been unprecedented…
Bottom-up, Hope is becoming 'stretched'…
The 'Hard Data' is not backing that hope…
And where is the growth expectation that everything is hinging on?
Still, Buy The Fucking All-Time-High, right?
US stocks right now are selling at the HIGHEST price-to-sales ratio in at least 15 years, and far higher than it was before the 2008 crash.
Similarly, the cyclically-adjusted Price/Earnings ratio of the US stock market is now at its highest level since the 2000 crash, and higher than it was before the 2008 crash.
Looking at other metrics like Enterprise Value to EBITDA (a measure of a company’s core business operating cashflow), US stocks are also at their most expensive levels since the 2000 crash.
Certainly, US stocks could continue to become more expensive. Perhaps they go up forever?
via http://ift.tt/2l2wrQ1 Tyler Durden