NEW YORK ( TheStreet) -- The stock market remains fundamentally overvalued and the weekly charts for the major averages are overbought except for the Dow Industrial Average. New all time highs or multi-year highs were set as October came to an end.The stock market has been trading under the cloud of a ValuEngine valuation warning since mid-May and today we show that 77% of all stocks overvalued, which is well above the 65% warning threshold. Technically, three attempts to confirm cycle highs were thwarted as all five major averages did not shift to having negative weekly chart. We enter November with four of the five with overbought 12x3x3 weekly slow stochastic with readings above 80.00.
Quantitative easing programs have not worked either, unless you like bubbles that always pop. Bubbles in Comex gold and Nymex crude oil have popped. The housing bubble has popped, but is re-inflating. The stock market bubble has yet to pop despite the ValuEngine valuation warning. Follow @Suttmeier This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.