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Is There Still Value Left in Stock Markets?

There is value in stock markets across the board and - this may come as a surprise to some - there has been a bull market since 2009, Chris Tinker, founding partner at Libra Investment Services told CNBC.

He said things changed especially for European markets with the European Central Bank's LTRO (Long Term Refinancing Operation) in December and set the stage for a value recovery.

"I actually think we’ve had a bull market since 2009. We had big interruptions with earthquakes and the crisis in Europe but as those pass through in history, value is growing in equity markets,” Tinker said.

He said value was not specific to particular sectors but could be found across the board – it was a more positive value environment.

“Most sectors we look at have rising valuations. If you look at the opportunities, these are the ones to buy into rising value stories,” Tinker added.

The last couple of sessions have seen markets pull back slightly from the rally of recent weeks which saw some markets breaking through psychologically important levels – the S&P 500 broke through the 1,400 barrier last week and European and Asian shares also rallied.

Concerns in the past few days about the longevity of the U.S.’ fragile recovery have been ramped up following U.S Federal Reserve Chairman Ben Bernanke’s comments that confidence in the U.S economy should not be taken for granted and that it was still too early to claim victory.

Others struck a more cautious note saying that the peak for the markets was near and it was too late to get into the rally now.

“We think we’re close to the upper end of the range for the year for the U.S. equity markets.

We’ve had a tremendous run since October (2011) and we’re advising clients to take advantage of that and go into harvest mode and take some profit,” Bill Strazzullo, partner and chief market strategist at bell Curve Trading told CNBC.

He added that in the current market, the risk reward level was not in the investors' favor.

“Take some profit. There’ll be better opportunities to buy later in the year. There are many unresolved issues, the economy in Europe, potential geo-political conflicts in the Middle East and our own economy,” Strazzullo added.

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