Welcome to the DC Today, your daily market synopsis of the Dividing Cafe, brought to you every Monday through Thursday to bring you up-to-date information and perspective on financial markets.

Hello and welcome to another DC Today Monday edition. I'm very excited to be with you.

I believe this is the second time I've been recording

from our Phoenix, Arizona office. Flew out here this morning, a handful of meetings today

and tomorrow, then back to Southern California, tomorrow late afternoon. In the meantime,

another week has begun in the markets, and it was a reasonably boring day.

The Dow opened up 60 and closed down 60, give or take a couple points.

And so just kind of throughout the day, progressively going down from where it started off, but really not by

very much. And the futures themselves had opened up, excuse me, had opened down, and then

the market opened up. So you just kind of had a couple weird little reversals, but they're

very teeny tiny. Now, in terms of the bond market, let's see here,

the 10-year closed at 4.28%, which is less than two basis points up today. So not a lot of

movement in the bond market either. But the interesting thing to point out is that stocks are up so significantly since the

bond yields went up 40 basis points, you know, 35, 40 basis points. So you had a bit of a sell-off

in bonds in the month of February, and yet stocks appear to be higher.

The top performing sector today was energy.

It was up 0.32% and utilities, which were down over 2%.

So more downside in the down sectors than upside in the up sectors.

And overall, just not a particularly impressive day, but nothing to write home about.

In terms of the state of the market now, I want to talk about this issue of valuation and expensive multiples, expensive, you know, PE ratios.

I put a chart in D.C. today regarding how high the valuation is right now

with the top 10 stocks in the S&P 500 and then looked at that over a bunch of past periods as well.

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