Morning Market Commentary & Weekly Charts

Stocks are trading at extremely high valuations against a backdrop of slowing economic growth and rising global financial and geopolitical instability.  Market cap to GDP ratio is currently at twice its historical average. The Shiller Cyclically Adjusted P/E Ratio (CAPE) is at 1.7x its historical average.  The forward P/E ratio of the S&P 500  is currently 16x versus an historical average of 14x .

020215 CGI Morning Market Commentary & Weekly Charts