While I believe the equity markets are generally overvalued at this time, there are always companies who are undervalued. In essence, just because most companies are overvalued doesn't mean that everything is overvalued.
I have a friend who constantly listens to the financial news. Being informed is great, but I find it sways his investment ideas daily. Investing is a long-term endeavor and it is important to be consistent over time. This does not mean that an investor should never change their market approach