Stock Market Bizarrely Overvalued, Major Correction Looming says Chief Strategist
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The stock market looks "bizarrely" overvalued and indicators point to a big correction coming soon, says chief strategist Paul Dietrich.
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Price-to-earnings ratio of S&P 500 at same high levels as before dot-com bubble crash.
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"Smart money" investors like billionaires are moving out of stocks and into cash, signalling concern about market valuation.
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Dietrich says now is not the time to put new money into the market with a major correction likely on the horizon.
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Potential triggers include oil price spikes, commercial real estate issues, or unpredictable "black swan" events as with 2008 crisis.