Yusko believes that US equity markets are in a bubble that will burst in the coming months. “We are in a land of pure imagination now,” he said, referring to equity valuations. “We have been on an escalator up and will be taking an elevator down.”
Perhaps Yusko is looking at the wrong vectors. Perhaps he should go back to his CFA course and check out the dividend discount model. Please see the following and my preceding articles:

http://www.talkmarkets.com/content/us-markets/predicted-acceleration-in…

The price of the DJII is at a 40% discount to value.

Tony Hates CFA