I think he's wrong. The whole market, every sector is over valued, the market shot to the upside immediately after Jan. 1, but all the existing problems that impact it are still in place. Housing, which is a critical leading indicator of economic activity is still depressed, I won't bother to list them all, but leading indicators are not positive for this or any other national economy. Over valuation is the broad market theme, and this level is due for 7% retracement. Exited all my equity positions this week, and holding 100% cash.
yea I watched the segment, said that BHI is trading at 10 PE while peers in the group are trading at 15 PE, this is a good opportunity to get in on the weakness, problem is that we will not see BHI snap back hard, it will grind back over the next few months, I think this can ultimately drop to about $44 and then is when you start to accumulate hard.