The P/E you give for the S&P is based on optimistic assumptions about growth, and on "operating" earnings. On reported earnings, the P/E may be double what you say, especially given the inevitable large hits for pension underfunding. I agree with some of the reasons you have stated in your posts why the market may move higher, but valuation is not one of them.
Interesting thoughts. You have made some valid points. My only concern going forword is the debt levels the consumer has to digest,or I should say the percentage of debt;debt/income. I can only hope the comsumer continues to spend and spend more. The slash and burn stradgies of corporate restructurings will not be enough to maintain a rally of any significance if the consumer does not play his/her part.
Thanks for all you do here. It is a pleasure reading your posts.
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