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U.S. market is less overvalued now, but that doesn’t make stocks a ‘buy’

“The latest stock market valuation measures contain both good and bad news for the stock market” writes Mark Hulbert for The chart below shows the percentage of past bull market peaks that had lower valuations than what prevailed at past bull market tops.I reached that conclusion after focusing on the 36 bull market tops since 1900 in the bull market calendar maintained by Ned Davis Research.The bad news: U.S. stocks are more overvalued today than at almost every other bull market top of the past century.But that doesn’t have to mean that current valuations are higher than at prior market tops.

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