CAPE was only at alarming levels in mid-late 2021. Long opportunities in 2020 would still have been abundant.
I don't base most of my bearish sentiment on the CAPE, but rather there has been a lot of irrational exuberance in 2020 and 2021, and it seems like it had gone too far. From Rivian, a company valued like GM, but with no sales, or maybe Peloton, A LITERAL TREADMILL COMPANY valued at $47 billion at its peak. When you see these things, you start to doubt the rationality of the market. I haven't heard of any speculative growth rallies that haven't ended with a crash, correction, or decline.
Anything could happen to IT short term as weak hands and traders overly focus on that one area. What I saw on Thu/Fri is tremendous trading opportunities in both directions in value areas. Commodities still looked bullish most of the week, especially Oil/Copper/Silver. I can't see inflation being bad for them. Even Gold is threatening to do something Wednesday could be interesting. All the international news is supportive in these areas recently. It'll be an uneasy week but a lot of Cdn energy reports in February I'd like to be long when they do.