Don't follow them as a source so I don't know much about their numbers but I trust you find them reliable. Do you factor the S&P earnings LTEG (long term expected growth) in your valuation model? BTW, good luck with your trades. As long as the individual investor beats the MM criminals at their own game, it's fine with me, long or short. ;-)
FWIW, Fed Funds rate in late 93 early 94 was at 2.96 (1.25 now) and S&P PE at 12. As I said, FWIW. Markets have a mind of their own so numbers only mean so much.
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