Stocks cheaper, but maybe not cheap enough

Alex Rosenberg at CNBC thinks that after the recent selloff, stocks may actually be cheap.

One measure of the forward P/E of the S&P 500 shows it to be 15, lower than the 15-year average forward P/E ratio of 15.7.

John Hussman is unimpressed.

In his latest article, he says that after the market decline of recent weeks, "valuation measures remain roughly 80-90% above the norms that have been reached or breached by the completion of every market cycle in history".

In addition, the 12-year prospective S&P 500 total return remains at just 2.5 percent annually in nominal terms