U.S. Stocks Fall

From Bloomberg:

"I'm concerned we might have a mild short-term correction," said Bruce Bittles, chief investment strategist at Milwaukee-based Robert W. Baird & Co. . . "Market optimism looks excessive, people are optimistic about fourth-quarter earnings which really haven't materialized. All of that complacency isn't good."

Not to toot my own horn or anything... But the fundamentals were telling us we needed a correction and I talked about it some in my week 1 posts, (which aren't actually on the blog because I didn't have a laptop at the time). Ready for some more fundamentals? The S&P 500 is valued at 25 times its companies' profits, which is the highest level since 2002. I'll be reflecting on what that means for a while...