A lot of companies are selling below book value. You can also use a liqidation value. So as you know there are lots of ways to price companies. P/E ratios are not accurate. I prefer discounted future cashflow.
Many of the bears are pricing companies on the basis of last years earnings which IMO makes no sense whatsoever. Why buy a company based on last years earnings? There is a chicken little attitude regarding the economy among many bears. I heard it is 23 days to Nasdaq =0. That to me is an extreme sentiment that argues for a strong reversal.
I am in 100% cash in my trading accounts. I usually am at the end of each day. This avoids the gap traps that have hurt so many people in the last few years.
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