Searching for Pockets of Strength

This might not be the best thing for an investment columnist to admit, but I am having a harder and harder time finding any bargains in this market right now. Maybe it is not all that surprising, given that after solid gains in the markets in 2011 and 2012, we have had a run-up of about 20% this year.

Simply put, a market priced at about 16x earnings that has earnings growing less than 5% year over year this quarter is not going to yield a gusher of bargain-priced stocks. It is true that S&P 500 earnings are currently projected to go up 10% next year. However, since S&P margins are at record levels, and since economic and job growth is likely to be tepid in the near and medium term, I am highly dubious of this consensus....411 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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