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Bargains Limited After Wild Week

Stocks are cheaper but not a screaming bargain after this week, but some values are emerging in sectors like utilities.

Jeremy Glaser: Stocks rebounded in late trading on Friday, but it's still been a rough week for investors. Will that continue into next week? We don't know, but it is good to keep in mind that the low volatility we saw in 2017 and early this year really is the exception and not the rule, and we shouldn't be surprised to see stocks bounce around.

Does that mean it's time to go bargain hunting? We think not quite yet. We still see the stock market as slightly overvalued, and that's a far cry from the 10%-plus overvaluation we saw before the sell-off, but we're not seeing broad cheapness. 

There are some areas that are starting to look interesting, though. Utilities in particular is trading at the lowest valuations we've seen since 2015, because the rate fears that are driving the rest of the market volatility is hitting that sector particularly hard. We like PPL, Dominion Energy, and Duke Energy in that space.