Valuations are not useful...

...around turning points. TS Lombard writes: "With US equities in bear market territory, valuations should look cheap at this stage. But they do not. Because the selloff started from bubbly multiples, the de-rating has merely brought p/e ratios in line with their long-term average levels. Tech companies are still trading close to the high end of their typical range...at possible turning points for earnings, such as now,