I know that GC, what i do not know; when was the equity markets wildly bullish and the Bond market also--that is at the SAME time.
On a P/E level we are in genuinely, beyond conprehension overvaluation, regardless of interest rates(as one fellow said if you went by that model, equities could go to infinity; low interest rates can not justify a wildly overvalued equity market, it is ONLY a hollow excuse,imo)
So simultaneously with this we have bonds dangerously high(that is in terms of buying them now).
I say time i look away from the U.S. entirely, if wanting to decide to just give up this wait, may look to Royal Bank of Scotland preferred or Abbey preferred again---i used them to hole up my money for over a year once.
From early 2000 to summer 2001 i had near all in 10-year treasuries and the above noted preferred---should have just left it there:) Godfrey/max