The Globe and Mail reports in its Thursday edition that Canaccord Genuity Group analyst Martin Roberge is cautious on the overall market. The Globe's Jennifer Dowty writes that Mr. Roberge says the S&P/TSX composite index could be vulnerable to a near-term pullback before resuming its uptrend. One concern he has is the large spread between the forward price-to-earnings ratio for the S&P/TSX compared with the CBOE VIX index, which is near peak levels looking back to the start of 2014. The gap between the two indexes is too wide, he argues, which suggests there is excessive investor complacency in the stock market. Mr. Roberge says if we saw a market pullback ranging anywhere from 4 per cent to 7 per cent, this would bring the spread back down to a more reasonable level. As a result, he has a "market weight" recommendation on equities, an "overweight" recommendation on cash and an "underweight" recommendation on bonds. The firm's recommended asset allocation is a 60-per-cent weighting to equities (30 per cent Canadian equities, 30 per cent U.S. equities), 30 per cent in bonds (10 per cent treasuries, 20 per cent investment grade bonds) and a 10-per-cent weighting in cash.