Rather, measures of early improvement in market action that were effective across every post-war market cycle quickly proved insufficient during the global financial crisis. (hussmanfunds.com)
The historical evidence strongly supports the observation that overvaluation becomes a violent risk once it is joined by deterioration in market internals, and undervaluation becomes most rewarding once it is joined by early improvement in market internals. (hussmanfunds.com)
At present, valuations are favorable, while market action is generally unfavorable - we have some tenuous signs of early improvement, but trading volume has been sluggish and the market is no longer oversold or compressed. (hussman.net)