Consider the following from August's monthly commentary by Leuthold Group, the outstanding Minneapolis-based quantitative-research firm, referring to their "Major Trend Indicator" MTI and the section of it called Intrinsic Value which gauges the market's current price vs. its estimated value:
â??We're not going to try to make any sort of a contorted valuation case for U.S. equities; the Intrinsic Value category has now surpassed the negative extremes recorded in June and July 2015. Based on our multi-factor work, stocks trade higher today than at any market top other than July 1998 and March 2000. The rest of the MTI evidence, however, suggests that valuations will go higher before they inevitably fall.â?
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