Stock futures down
The S&P 500 is likely to open down about 12 points after a 1 point gain on Thursday. The drop would erase virtually all of this week's gain.
Robert Shiller was on CNBC earlier with a warning about stocks. He pointed to his cyclically adjusted price-earnings (or CAPE) ratio.
"At this level, it suggests that the expected returns for stocks might be negative, but only slightly so."
Shiller is quick to add that since short-term moves are nigh impossible to forecast, the metric "is not suggesting, necessarily, any imminent disaster."
Still, the current level of the CAPE ratio "would suggest reducing your holdings of stocks, especially for a long-term investor. We can't time the market accurately, but we know that when it's this high, over the long term, it usually doesn't do great."
