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To: Les H who wrote (6270)	3/5/2003 11:17:53 AM
From: Return to Sender	Read Replies (1) \| Respond to of 29599

Chart of the Day: chartoftheday.com Last March, we sent out the following chart on the S&P 500 PE ratio, which suggested that stocks were expensive. With the S&P 500 down 28% since then, are stocks cheap now? With the PE ratio currently at a relatively high 29, stocks still appear to be somewhat pricey. But if you assume that the PE ratio's current 15-year trading range will hold, you could argue that a significant rally is not too far off. Though it should be noted that the S&P 500 could decline 10-15% within the next few months and the PE ratio would still remain above the lower trendline. Stay tuned... Notes: - PE ratio based on the S&P 500 and S&P 500 reported trailing 12-month earnings. Les, thanks for the explanation on the trend score. RtS