Zeev's Turnips Patch-No Politics (ZEEV)

[federal reserves]

SnP 20% overvalued!

Morgan Stanley cuts bond, stock weighting, lifts cash By Tomi Kilgore
Morgan Stanley U.S. investment strategist Steve Galbraith said the recent "powerful rallies" in stocks and bonds have "materially lowered"
expected returns. He lowered his stock and bond allocations by 5 percent each to 65 percent and 20 percent, respectively, and raised his cash
allocation to 15 percent from 5 percent. "The S&P 500 is now at our year-end target and is about 20 percent overvalued according to our
valuation model," Galbraith said. "In a relative sense, we are not bearish on equities and continue to see stocks as offering relative superior
returns in what is a low-yield world."


RETEST IN THE low 800's?