P/E are not at bubble levels. Supply and demand still constructive.
Don't trade it like a bubble. It's not. The only real over valuation is in the RUT.
We've finally got a sentiment picture that's not 100% supportive of higher prices, but that's about it. The sentiment says it's not a bubble, too.
Now, India and China? THOSE are bubbles.
Mark
EXACTLY RIGHT!
