"David hi and thanks for the report from Mike Lenhoff. If we look at chart 1 we see a downtrend. The historical data prior to 2000 is missing and so the historical relevance is limited. Is this a chart that we could have in the library? My concern by acting on this information is that this downward trend could yet continue. There is no sign that the trend has ended. Any thoughts?"

David Fuller's view The graphs came from Datastream and I doubt that we will be able to get the data via BBG but Eoin will be able to check. No single individual can follow everything but a number of interesting and experienced contacts can keep us in touch with most information, when it is relevant, which is why we post a number of reports.

A bullish ratio can usually reach an even more extreme level, but that is not the key point point. The indicators shown confirmed that equities represent historically attractive value relative to 30-year US Treasuries. Special 'new normal' conditions can question the validity of those ratios in the current environment but Wall Street is certainly not the extent of our investment universe.