Petruno laments Wall Street high

Today on the front page the LAT's stock market expert, Tom Petruno, argues the following: Since the S & P 500 hit an all-time high yesterday, investing in S & P 500 stocks is a poor bargain. He argues that investors in the S & P 500 stocks have been marking time for seven years because it took that long for the index to exceed the March 2000 high. To some, the glass is always half empty. Last fall, when the market hit a high, Petruno argued it was going to fall. He based that on interviews of unnamed sources whom he described as Wall Street veterans. The market has continued to climb since but with occasional down periods.