MARKET INDEX TECHNICAL ANALYSIS - MITA Message Board

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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA

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To: J.T. who wrote (10077)	2/5/2002 2:34:47 PM
From: High-Tech East	Read Replies (1) of 19219

<<Little press will be given that S&P Earnings were revised UP in Barrons this past week and all of a sudden the P/E ratio is down to 28.57 from 40.03 last week (as reported in Barrons). We all know from a historical level this P/E ratio is high but I note one that earnings will be revised once the rest of excess inventory is liquidated in the next two quarters and two dividends relative to T-Bill yields are in line with past Bear market bottoms '90, '87, '82 etc. courtesy of Gerald Appel.>> ... from Dow Theory Letters by Richard Russell, February 4, 2002 ... I've received many e-mails from subscribers asking about the sudden, shocking drop in Barron's P/E for the S&P. The previous week Barron's showed the P/E for the S&P at 40.03. This week Barron's shows the P/E for the S&P at 28.5. What in hell is Barron's doing? This is a deliberate departure from accounting standards. What's happened is that Standard & Poor's has modified its reporting and is now using Operating Earnings to calculate the S&P P/E. A subscriber writes, The change is noted "in an obscure notation in the print version of Barron's." This same subscribers states, "For the record we calculate P/E by dividing the total per share dollar value of the S&P by their total EPS. As of Friday's close, the real P/E was 42.40." ... totally amazing ... and the beat goes on ... Ken Wilson

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