Surprising chart shows stocks could be cheaper than you thought

From The Big Picture:
How cheap are equities?
To answer that question, look at the chart above, courtesy of Société Générale's Albert Edwards, who asks the question, "Are equities really ?unambiguously cheap??"
Shiller's CAPE chart shows that while U.S. equities are fairly reasonably priced, they are not, to use Edwards term, "unambiguously cheap?." But for about a week in March of 2009, they were, but if you blinked, you may have missed it.
Europe, on the other hand, appears to be...
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