There will be "almost no prospective returns" from U.S. stocks over the next decade because the market is fully valued following years of gains, according to the global strategist at Allianz Global Investors, which manages $569 billion.
WTI posted a 5.2% gain in October, the first back-to-back monthly advance this year, and held up near the highs of the day into the API print. WTI/RBOB kneejerked higher as the data hit showing large inventory draws across everything...
API
Well that was easy...
When does this mouth snap shut?
The S&P is substantially overvalued on 18 of 20 valuation metrics, with the only exceptions being free cash flow (helped again by depressed capex), and relative to small caps/bonds - the Fed's favorite indicator - where yields remain depressed thanks to the Fed's failure to stimulate wage inflation for nearly 9 years.
But as the relative collapse of the equal-weight S&P relative to the market-cap-weighted S&P, all the gains have gone to the biggest names...
Authored by Michael Snyder via The Economic Collapse blog,
The federal government is now 20.4 trillion dollars in debt, and most Americans don’t seem to care that the economic prosperity that we are enjoying today could be completely destroyed by our exploding national debt.