This spring, the bull market in US equities celebrated its six-year anniversary – one of the longest and strongest in history. Only the two bull markets in the ’50s and the ’90s lasted longer. This is all the more impressive in view of the fact that the macroeconomic recovery has been weaker than normal since 2009.
When looking at commonly used metrics (e.g. the forward P/E) the market seems reasonably priced. Is that really the case?
On the following pages, I will take a look at other metrics, economic and stock cycles and technical indicators to get a clearer view of where we are and where we might be heading….
