The Cyclicals are Still Overpriced

Here’s a look at something I wrote a lot about last year, it’s the ratio of the Morgan Stanley Cyclical Index (^CYC) to the S&P 500 (^GSPC):

The ratio peaked on July 19 and started falling for the next few months. It eventually reached a bottom on January 9 and has been steadily climbing ever since.

Posted by Eddy Elfenbein on May 7th, 2008 at 12:38 pm

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