13 factors driving equity bulls and bears
Bearish: Stock values
U.S. stocks are not undervalued using long-term metrics; the Shiller P/E for the S&P 500 is 22.4, which is above its long-term average of 16.5.
Source: Morgan Stanley Smith Barney Investment Strategy, Morgan Stanley & Co. LLC Research, Citi Research, ECRI, and Bloomberg. Note: Unless otherwise indicated, data are as of Feb. 15.