The S&P500 forward 12-Month P/E multiple is at a high 18.9. But, this market cap-weighted large cap index valuation gets held up --these summer days-- by seven monster Info Tech stocks.Our Chief Equity Strategist and Economist, John Blank, is here now to discuss A Contrarian Call for Value & Income.

1. First of all, which stocks are we talking about?

2. How is the S&P500 index getting held up by these Info Tech Stocks?

3. Why is the Tech Sector so hot this year?

4. Where does that put the 10 year valuation average for this index?

5. So is this index valuation a bad thing for the market and investors?

6. Against this backdrop, Other S&P500 sectors are being hugely overlooked and under-bought. On in particular is the materials sector, correct?

7. So then after the latest momentum runs taken by mega-cap info tech names –is now the time to buy beaten-down stocks-- in overlooked S&P500 sectors?

8. Is that the contrarian call I mentioned at the outset, where investors can find value and get some income?

9. Looking at July sector rankings, Consumer Discretionary and Consumer Staples stay Very Attractive, as well as Industrials. #1 Stocks in those sectors include Urban Outfitters (URBN Quick QuoteURBN - Free Report) , Kimberly Clark (KMB Quick QuoteKMB - Free Report) and Siemens (SIEGY Quick QuoteSIEGY - Free Report) .

Our Chief Equity Strategist and Economist, John Blank, talking about S&P500 sectors. With John, I’m Terry Ruffolo.