New Delhi, Oct. 29 -- Market chatter has turned cautious, with many experts warning that a correction in equities and gold may be around the corner. Such alerts deserve attention-but not alarm. After all, timing the market is nearly impossible.

Experts typically look at valuations, long-term trends in assets like stocks or gold, and what's driving the current rally. These clues can hint at where markets might head next-but not when.

So, what do the fundamentals tell us right now?

Valuations of the US equity market are stretched. The conventional perspective to valuation is price to earnings (PE) ratio - how many times multiple you are paying in terms of price, for one year's earnings per share (EPS).

The way analysts look at it is, cu...