Ork the pain of believing FA matters, a little bit,anyway:( via Decision Point --so based on Pro Froma the fair evaluation of SPX would be 608.(as of 5/31/2003). I give link at bottom of post to their commentary on their view of the "Earnings don't matter crowd arguing with them, basically saying all that they were saying in 1999/2000-- skies the limit, to hell with reality".The bottomline we are now EXACTLY in the same area where we were in the middle of the Bull---earnings mean nothing.It took LESS than 3years for the whole scam to get back in control---and we have "the Bull is Back!!!!" crowd for the time in command. AbsoluteNothing has changed, the majority learned nothing from the past.Greed rules now,that is the reality and i have to ask do or i don't i jump in (with deep scorn of that preposterous situation) like i did last time and play the game bull side none the less????. Wish i had all the data on the post low 1974 run, the critical TA levels, did they get blown out to record levels?how high did P/E levels go? etc etc; in other words to cross and back check the move in 1974 with this move. As Reported" (GAAP) EPS is $30.42; P/E is 31.68. "Core" EPS is $23.75; P/E is 40.57. "Pro Forma" EPS is $47.47; P/E is 20.30.
Based upon the latest GAAP earnings the following would be the approximate S&P 500 values at the cardinal points of the normal historical value range. They are calculated simply by multiplying the GAAP EPS by 10, 15, and 20:
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