Deutsche Warns Markets Have Left The “Complacency” Phase, Have Entered Full Blown “Mania”
by Tyler Durden
ZeroHedge.com
06/09/2014
With a closing P/E ratio over 17 and a VIX under 11, Deutsche Bank’s David Bianco is sticking with his cautious call for the summer. Their preferred measure of equity market emotions is the price-to-earnings ratio divided by the VIX. As of Friday’s close, this sentiment measure has never been higher and is in extreme “Mania” phase. Deutsche’s advice to all the summertime-‘chasers’ – “wait for a better entry.”
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