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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 683.38

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Nov 12 4:00 PM EST

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To: Saulamanca who wrote (73473)	3/28/2001 9:13:19 PM
From: brunn	Read Replies (2) of 99985

Do you think the valuations are more appropriate now? Well, right now the S&P has a price earnings ratio of about 22 compared to a historical average of about 14. And earnings may well come down. I heard this interview and was irritated that the interviewer did not question him about interest rates. Should we expect the market to always be overvalued if the P/E is greater than 14? Or is there a justification for higher stock prices if interest rates are at a historic low level. If I could get a C.D. for 13% like I could 20 years ago I sure would be pickier about what stocks I would buy and how much stock I would own. When people like Shiller ignore this data I question their logic.

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