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Strategies & Market Trends : Complacency Indexes

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To: TechTrader42 who started this subject	3/24/2002 1:09:09 PM
From: TechTrader42	Read Replies (1) of 1487

nytimes.com The Market Is Bracing for a Telltale Earnings Season By JONATHAN FUERBRINGER ... "That is not to say that earnings will disappoint, but that they are particularly important because the stock market, at its current ratio of price to earnings, is much overvalued. According to J. P. Morgan, the P/E ratio of the Standard & Poor's 500-stock index, using operating earnings, was 44 at the end of last year. That was the highest since the late 1940's and three times the average since then. The only recent brush with such high valuations came in the spring and summer of 1999, not long before the stock market buckled in March 2000. ... "A dose of strong earnings is needed to bring this price-to-earnings barometer back down to more livable levels."

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