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This is the results of a regression analysis that compares the weekly S&P
500 close with its Earnings Yield and its Dividend Yield. The column
labeled "exptd" is the expected range based on the earnings yield for the
S&P and weekly closing price of the S&P for the Earnings Yield and the
Dividend Yield. The expected earnings yield based on the price of the S&P
was to high in the beginning of the year. The S&P and the earnings yield
started to come into line around the end of march and the beginning of
april. They have been very closely related to each other since then. a
projection of earnings estimates and/or dividend yields will give a close
estimation of where we can expect to go from here.
Good Luck
Ron McEwan
date spx exptd ernyld exptd divyld exptd
1/3/97 748.03 807.36 4.81 4.97 2.01 1.99
1/10/97 759.50 824.27 4.74 4.93 1.96 1.97
1/17/97 776.17 848.44 4.64 4.87 1.92 1.94
1/24/97 770.50 841.19 4.67 4.89 1.84 1.95
1/31/97 786.16 862.94 4.58 4.84 1.91 1.92
2/7/97 789.56 867.77 4.56 4.83 1.90 1.92
2/14/97 808.48 894.35 4.45 4.76 1.87 1.88
2/21/97 801.77 788.03 4.89 4.79 1.88 1.90
2/28/97 790.82 773.53 4.95 4.82 1.91 1.92
3/7/97 804.97 804.94 4.82 4.78 1.88 1.89
3/14/97 793.17 790.44 4.88 4.82 1.91 1.91
3/21/97 784.10 775.94 4.94 4.85 1.94 1.93
3/27/97 773.88 761.44 5.00 4.88 1.96 1.95
4/4/97 757.90 737.28 5.10 4.94 2.01 1.98
4/11/97 737.65 701.03 5.25 5.01 2.06 2.01
4/18/97 766.34 749.36 5.05 4.91 1.99 1.96
4/25/97 765.37 746.94 5.06 4.91 1.99 1.96
5/2/97 812.97 819.44 4.76 4.75 1.88 1.88
5/9/97 824.78 833.94 4.70 4.71 1.86 1.85
5/16/97 829.75 807.36 4.81 4.69 1.85 1.84
5/23/97 847.03 831.52 4.71 4.63 1.82 1.81
5/30/97 848.28 821.86 4.75 4.63 1.82 1.81
6/6/97 858.01 836.36 4.69 4.60 1.80 1.79
6/13/97 893.27 879.85 4.51 4.48 1.72 1.73
6/20/97 898.70 887.10 4.48 4.46 1.71 1.72
6/27/97 887.30 872.60 4.54 4.50 1.74 1.74
7/3/97 916.92 908.85 4.39 4.40 1.73 1.68
7/11/97 916.68 908.85 4.39 4.40 1.68 1.68
7/18/97 915.30 906.44 4.40 4.40 1.69 1.69
7/25/97 938.79 933.02 4.29 4.32 1.64 1.64
8/1/97 947.14 942.68 4.25 4.29 1.63 1.63
8/8/97 933.54 928.18 4.31 4.34 1.65 1.65
8/15/97 900.81 889.52 4.47 4.45 1.71 1.71
8/22/97 923.54 908.85 4.39 4.37 1.67 1.67
8/29/97 899.47 879.85 4.51 4.46 1.71 1.72
9/5/97 929.05 916.10 4.36 4.35 1.66 1.66
9/12/97 923.91 908.85 4.39 4.37 1.67 1.67
9/19/97 950.51 937.85 4.27 4.28 1.62 1.62
9/26/97 945.22 933.02 4.29 4.30 1.63 1.63
10/3/97 965.03 954.77 4.20 4.23 1.60 1.60
10/10/97 966.98 957.18 4.19 4.23 1.60 1.59
10/17/97 944.16 933.02 4.29 4.30 1.63 1.63
10/24/97 941.63 928.18 4.31 4.31 1.64 1.64
10/31/97 914.62 899.19 4.43 4.40 1.69 1.69
11/7/97 927.51 913.69 4.37 4.36 1.66 1.67
11/14/97 928.35 913.69 4.37 4.36 1.66 1.66
11/21/97 963.09 952.35 4.21 4.24 1.60 1.60
11/28/97 955.40 942.68 4.25 4.27 1.62 1.61
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