$ has bounced back overnight, who out there expects any kind of dollar rally?
SPX earnings this QTR with fake 3.5% *(to be revised DOWNWARD) gives us a forward yr of $60 profits. Fair value would be 15 X and a SPX at 900.
But GDP was ALL Stimulus and it's going to be reduced to maybe 3.0 and will the coming quarters be able to produce expanding economies?
Current PE is now 26 making the market extremely over valued. UNDER 2% dividend yield one of the lowest on record. They may have produced a Cyclical Bull but no Secular trend has began with such over valuations or declining volumes on rally days as we have witnessed almost the entire bullish trend.
market has been rising more so from a withdrawl of selling
D
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