Gary Shilling: Commodities Clearly In A Bubble

Gary Shilling thinks "commodities are clearly in a bubble" and "stocks aren't there yet, but we could be if things keep up at this rate". He also talked about Inventory/Sales and the savings rate, which he thinks could hit double digits. At what level is bubble territory on the S&P? SPX EPS 107x12 = 1,284, 107x15 = 1,605 or EPS 107 x 18 = 1,926? It is currently trading at 1,293. See the interview with Tom Keen after the jump.

*Read Edward Harrison's take on the interview: Gary Shilling sees 2% growth in 2011 as consumers deleverage (Credit Writedowns)