Yes Yardeni would be saying market is now like 25% undervalued. i am learning from Saville that Yardeni didn't hit upon Fed Model equation until 1997, so its not been around that long. The line has been by cynics--yeh the Fed Model is a joke but it works for Yardeni so don't fight the forces, let's play it. Who knows?:) I just keep , in my mind's eye, one singular factor that must remain a constant for anything to work bull-side ahead, higher P/Es, Fed Model faith etc; and that is the constant that consumers just keep spending, the growth in consumer spending must remain as reliable as "Old Faithful".
I posted a long NYT feature that was, i feel, quite good and worthy of a skim; it is a systematic questioning of just how much money is getting to the consumers via more jobs. it is recent--published July 18th http://www.investorshub.com/boards/read_msg.asp?message_id=3596678
o yes, because the key supports i wish to see broken have not yet been broken i can not put aside your sustaining a bull view, i walk around with your view heavy on my head.:)
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