Steven Leuthold says he thinks the market has hit its high point for the year, but he also says it’s no time to sell, as he thinks we’re nearing a significant rally. Leuthold tells Bloomberg that he thinks the S&P 500 is “very close to median valuations levels”, and that he’s probably going to soon be lifting some of the hedges he’s had in his portfolios. But he’s really focused overseas, he says, on companies in foreign countries with strong currencies.

[youtube=http://www.youtube.com/watch?v=4vzFoXs4T7w]