Rosenberg Daily - Wait to buy stocks

The Tobin Q, which can be derived from the Fed Flow of Funds report, shows that the market value of equities is over 10% higher than the replacement cost, and the Shiller cyclically-adjusted P/E ratio is some 40% above its long-run norm. Besides, history shows that the market often sputters in year three of a dramatic 100% rebound in the S&P 500 ... so best to wait for better buying opportunities, which are sure to come. ---today