Bill Wexler's Profits of DOOM Message Board

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Strategies & Market Trends : Bill Wexler's Profits of DOOM

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To: Bill Wexler who wrote (3045)	9/25/1998 9:17:00 AM
From: Alastair McIntosh	Read Replies (1) of 4634

Re: Market Valuation It is interesting to note that the FED model now shows the S&P 500 as undervalued. This model assumes that the forecast operating earnings on the S&P 500 for the next 12 months, divided by the S&P 500 index (the earnings yield) should be equal to the yield on the 10 yr. treasury bonds. As of Wednesday, the model shows the S&P 500 as 4.8% undervalued. A decline in interest rates and a further selloff in the market will dramatically increase the undervaluation. The last time the S&P was undervalued was Aug. 1996. Source: Deutsche Bank Securities. See their web site: yardeni.com Al

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