Crazy times and wild valuations for global stocks.
In October the beleaguered FTSE 100 ran all the way up to nearly 7100 in the face of a dire referendum result.
This week alone we have seen:
- S&P at all-time high
- Dow Jones at all-time high
- Russell 2000 at all-time high
- NASDAQ hit all-time high
- Mid Cap 400 at all-time high
Of course, this will end in tears eventually.
And yet with resources earnings having been crushed Australian stocks remain miles below their pre-financial crisis peaks, even nearly a decade on.
Even now valuations aren't particularly appealing.
Despite interest rates stuck at record lows Aussie share markets remain remarkably jumpy.
Time and again popular value stocks are being smoked for reporting anything out of step in guidance or trading updates.
Last week it was iSentia's (ASX:ISD) turn, reporting in a trading update that its August 2015 Content Marketing acquisition King Content would rack up a unwelcome EBITDA loss of ~$2m in FY17 H1.
The market crucified it.
Share price annihilated, now down to $2.50 from a 52-week high of $4.95.
Just one example of many.