"The S&P 500 Is Now Overvalued On 18 Of 20 Valuation Metrics"

After last week's brief FBI "memogate" inspired volatility spike, some have asked if the resulting market decline (down a "whopping" -0.4% on the week) has made stocks more attractive. Here is the quick answer according to Bank of America: based on the 20 most widely used valuation metrics, the S&P remains significantly overvalued on 18 of 20 valuation metrics, the only exceptions being free cash flow, helped by depressed capex), and relative to bonds, whole yields are depressed thanks to $18 trillion in global central bank purchases.

And a bonus chart: why is the market so overvalued? Because 2017 has continued the trend seen in 2016, when the market "shrugged off one event after another."

One wonders what happens when all the "event gaps" start getting filled...

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