http://davidstockmanscontracorner.co...igns-for-2016/
"The S&P 500 is at the second highest valuation in its history: The Cyclically Adjusted Price-Earnings (CAPE) ratio, was19 in November, a value greater than 25 indicates that the stock market is overpriced in comparison to its earnings history. The CAPE ratio has averaged 17 going back to 1881. The Q RATIO, the total price of the market divided by the replacement cost of all its companies, historically averages around .68, but is now hovering around 1.04. The P/E RATIO of the S&P 500 is around 19 – above the long-term historic average of 15. Total Market Cap to GDP ratio is 122, ten percentage points above the 2007 level and eighty percentage points higher than it was in 1980. The Price to Sales Ratio for the S&P is 1.82. That is higher than 2007, when it was 1.52 and is at the highest since the end of 2000. And finally, Advisors Perspectives chart of inflation-adjusted NYSE Margin Debt and the S&P 500 demonstrates the profoundly over-leveraged condition of the market. Margin debt in real terms is now 20% greater than it was at the peak of the dotcom bubble!"
"The S&P 500 is at the second highest valuation in its history: The Cyclically Adjusted Price-Earnings (CAPE) ratio, was19 in November, a value greater than 25 indicates that the stock market is overpriced in comparison to its earnings history. The CAPE ratio has averaged 17 going back to 1881. The Q RATIO, the total price of the market divided by the replacement cost of all its companies, historically averages around .68, but is now hovering around 1.04. The P/E RATIO of the S&P 500 is around 19 – above the long-term historic average of 15. Total Market Cap to GDP ratio is 122, ten percentage points above the 2007 level and eighty percentage points higher than it was in 1980. The Price to Sales Ratio for the S&P is 1.82. That is higher than 2007, when it was 1.52 and is at the highest since the end of 2000. And finally, Advisors Perspectives chart of inflation-adjusted NYSE Margin Debt and the S&P 500 demonstrates the profoundly over-leveraged condition of the market. Margin debt in real terms is now 20% greater than it was at the peak of the dotcom bubble!"
[text] 10 Investor Warning Signs For 2016 | Michael Pento
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