Amid the raging global pandemic, slumping oil price and liquidity crisis, the US Federal Reserve has been doing its utmost to save the market. But what investors may be most concerned about is this: has US stocks bottomed out? In terms of valuation, US stocks have fallen to a low level after successive slumps. S&P500 estimated price-to-earning ratio is 13.9, down from 16 of a week ago and the lowest since 1990。 This,though not a record low, is already less than most historical data. Overall, market evaluation of various sectors’ stock performances are getting more reasonable, with several sectors such as industry, finance and real-estate underpriced and showing more potentials for investment. Though investors may not be able to precisely pinpoint the lowest extreme, but the current US stock indices are clearly at a relatively low range. And with the Federal Reserve again applying zero-interest-rate and resuming QE, global central banks also follow suit in announcing new easing policies, creating an extremely favorable policy environment. With the market valuation near a historical extreme, overly-panic is not a good choice now. Investors should remain positive and remember to “Be fearful when others are greedy, and greedy when others are fearful”.