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To: Lucretius who wrote (55832)	1/9/2001 2:47:56 PM
From: chic_hearne	Read Replies (1) \| Respond to of 436258

SPX now only 4% overvalued at the moment.... new low for model if close here... I assume you are referring to Yardini? This is based upon future earnings, correct? Given that just about no one is discounting a recession into earnings models, I would say this is a worthless statistic. Assuming prices stay flat, in a month this may suddenly change to 10% overvalued or more after earnings revisions kick in...