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Strategies & Market Trends : Value Line Investment Survey

VALU 36.80

+0.4%

Oct 31 3:30 PM EST

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To: EL KABONG!!! who wrote (158)	8/30/2006 10:49:57 AM
From: OldAIMGuy	of 219

Good morning EK, Re: Value Line assessment................ The Relative Valuation continues to show we're in the 90th percentile of a market rally that started in the 10th percentile in March of 2003. The good news here is that interest rates may be flat for a while putting no further downside pressure on Price/Earnings. Note that P/E has still not given back enough to keep this component out of its own "bearish" range. Note that 22.3 and higher represents only 10% of the data since 1982 while 19 and below another 10%. 80% of the time the data falls in between. The P/E is essentially unchanged over a period of about two years while interest rates swelled. The sum of these two has pushed it to the bearish limits. This recent market pull-back starting a couple of months ago helped, but as you can see, hasn't brought it anywhere near what the grand bullish signal was in early 2003. Best regards, Tom

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