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Sitting just around all-time highs, stocks are in an uncertain spot.
Michael Cuggino says the best opportunities are in longer-term relative values.
He says we ve begun a new commodity bull cycle that will last several years.
A year on from one of the worst crashes in history, equity markets are at an uncertain point.
Valuations are historically high thanks in part to low interest rates, and although much of the economic recovery still lies ahead, forward earnings expectations are priced into much of the market already. All three major US stock indexes sit near their all-time high marks.