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S&P 500 price/peak earnings greater than 18
Overbought...When
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S&P 500 at a 4-year high, and at least 5% higher than its level 6 months earlier
Overbullish...When
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Investors Intelligence percentage of bullish advisors above 53%
Yield pressure
3-month Treasury yield higher than its level of 6 months earlier
Mr. Hussman then goes on to list instances in the past 40 years when above
conditions were present and how the market behave in the immediately
following periods....
http://www.hussman.n...c/wmc070115.htm
Edited by pdx5, 02 February 2007 - 01:29 AM.