The answer is obvious. At any given time, individual stocks are overvalued and undervalued. This is particularly true today since there is so much uncertainty in fiscal (and monetary) policy, in political outcomes and with regard to business and consumer reaction to these events. As I have said recently, the only certainty is that there now exists a large degree of uncertainty. This allows investors and traders to pick sides on the issues and make their bets on the market, on industry sectors and on individual equities.