The ‘bizarrely’ overvalued stock market is poised for a big correction and the smart money is moving into cash, chief strategist says

• Indicators are pointing to a major correction coming for stocks, market strategist Paul Dietrich says.

• The B. Riley Wealth chief investment strategist says the market is “bizarrely overvalued.”

• The “smart money,” according to Dietrich is moving money into cash.

The stock market looks “bizarrely” overvalued and indicators are pointing to a big correction on the way, according to Paul Dietrich, chief investment strategist of B. Riley Wealth.

Speaking to Yahoo Finance, Dietrich pointed to a handful of indicators in the market, which are all flashing a collective warning sign for stocks.

Red flags are arising in the price-to-earnings ratio of the S&P 500, and multiples mirror levels seen prior to the dot-com bubble crash.

“Every single indicator seems to tell us…