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Here's my updated charts of yields vs the S&P. On the positive side these
indicators have been forecasting an end to the bull market for several years. On
the negative side, the more extended these ratios are when the bull market does
end, the worse the more severe the bear market which follows.
Earl
-----Original Message-----
From: Gary Funck <gary@xxxxxxxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Date: Saturday, June 06, 1998 9:10 PM
Subject: SP Earnings Watch, June 1998
>I've updated the SP Earnings Watch page, at:
> http://www.intrepid.com/~gary/SP_Watch.html
>
>The main news is that for the first time in 16 months, the
>real (inflation adjusted) trailing EPS growth dipped below zero,
>to -3.9%. Negative EPS growth is not necessariy an indication
>that the market will drop soon, but it is definitely not a strong
>positive either (esp. at the current record high P/E levels).
>
>--
>| Gary Funck, Intrepid Technology, gary@xxxxxxxxxxxx, (650) 964-8135
>
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