Stocks sit at historically expensive levels but not in the way that matters most, JPMorgan said Wednesday.
Price-earnings ratios remain elevated, but prices relative to bonds are the signals to watch for future market moves, Marko Kolanovic, head of macro quantitative and derivatives research at the bank, wrote in a note to clients. Stocks are currently "quite cheap" by that measure, and the dislocation is directly tied to a decline in bond yields, he added.See the rest of the story at Business Insider
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