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Morningstar's Market Fair Value Graph

I often look to see how Morningstar is valuing the market and compare it to my market barometer.

Currently, I have the S&P 500 Index rated as extremely overvalued while Morningstar rates the whole market in general at 8% over fair value.

A link to the graph is below.

http://www.morningstar.com/market-valuation/market-fair-value-graph.aspx
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