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Green Book October 2013

We’re Bullish, And It Doesn’t Get To Look Any Better

Global valuations rise, but the U.S. is still at a premium. The large valuation discount on foreign shares has narrowed, reflecting better relative action and relatively weaker fundamentals. Foreign markets might be the last pocket of yield that isn’t overvalued. A look at prior debt ceiling debates and patterns around resolution gives no surprises. We refine our Bounce methodology, giving both the “traditional” and “Bridesmaid” Bounce lists. Low volatility isn’t bearish, and it provides much near-term directional help. Housing is acting just like the bubbles before it. Life Sciences Tools & Services and Managed Health Care groups. With no taper more downside and higher volatility are likely.

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