he's entitled to his opinion, but not the facts,
Fact is, the S&P 500 will earn roughly $112 in 2013. Multiply that number by a market average PE multiple of 15, and you get 1680.
We have a ways to go, if only GE would get moving....
Corporate earnings at record highs and their balance sheets are looking better than ever. Interest rates are low and likely to stay there for a while so there is little else to invest in. The market is just now getting to the point where valuations are on the high side.
But keep looking for the cloud in all of those silver linings and lose money but do not think it is real analysis.