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, investors should pay more attention to EPS trends than to what may look like appealing multiples."