Sunday, November 1, 2009
Sex in the city, it ain’t !
In a nutshell, for the US, this 'recovery' looks like a false dawn. And that's not likely to prove good news for Wall Street. US shares have enjoyed a big rally recently â€“ and jumped up sharply on yesterday's news. But that could prove to be the last chance to sell. Andrew Smithers, who runs his own research house, has no time for "those who claim that US equities are cheap", says the FT. His conclusion, after looking at both earnings and asset valuations, is very clear indeed â€“ "US equities are 40% overvalued".