The US stock indices saw mixed performances last week. The Dow Jones Industrial Average fell 0.3 percent but the S&P 500 rose 0.5 percent and the Nasdaq Composite rose 1.2 percent.
However, with US stock indices near record highs, 65 percent of investors think that the US stock market is overvalued, according to a quarterly investment manager survey performed by Northern Trust Asset Management. That is the highest since the survey began in the third quarter of 2008.
In contrast, 36 percent of investors think the US market is undervalued or fairly valued, the lowest reading on record.
Indeed, Mark Hulbert at MarketWatch pointed out last week that the volume of short selling has been increasing each month since last December.
That, according to a study he cited, suggests that the market may well be at or close to an “inflection point”.
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