This is going to end badly

 

“Our experts think that equity valuations now look attractive.”

 

-       From a Fidelity advertisement in the FT, 2 – 3 February 2013.

 

 

You may want to frame that one. As always, only time will tell. But on the basis that it makes sense in general terms to buy low and sell high, how should we view the current behaviour of the S&P 500, for example ? Financial analyst and commentator Doug Wakefield has published a chart summarising the last 13 years of the benchmark US stock index with some helpful notation..

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