The market is the market as they say. Some think stocks are overvalued; some undervalued and some think it is appropriately priced. Seems about right. If everyone had the same idea, we all couldn’t be right.
One thing is for sure, it has been somewhat of a roller coaster ride since 1999. Some (many) individual investors are still frightened. However, the market has been worried about a U.S. double-dip recession; a European meltdown and other issues for some time now. None of it has happened yet though. Maybe that is the problem? If they had, maybe stocks would be less volatile going forward and/or cheaper, both of which might attract more equity investors.