Fundamental Health?

From Yahoo Finance Sunday night EST:

“While Wall Street’s post-election euphoria finally fizzled last week, the fundamental health of the market remains strong — profits continue to grow, the market remains only slightly overvalued at the moment, and the economy is growing, albeit at a slower pace than in the past. Because of that, most analysts expect the market to resume its rise through the end of 2004 and into January.”

Questions for the writer:

1. How do you measure the “fundamental health of the market” objectively? And if you can, how does that tell you when to buy or sell?
2. How do you tell if a market is “overvalued”?
3. Who are “most analysts”?