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Someone asked about using the bond instead of the tbill in constructing the
TBill/SPEarn ratio. I was dubious, but indicated I would construct the chart
this weekend. I replaced the TBill/SPDiv ratio (middle graph), in the chart
I posted last week, with the Bond/SPEarn ratio. Unfortunately, due to one of
the many bugs in SuperCharts, the drawing tools I had placed in all 3 graphs
were removed when I change the data in graph #2 (I did not save the chart so
they were not lost permanently). I've marked the valuation levels in the
TBill based ratio (graph #3)approximately where they were in my original
chart. At any rate, I think that the TBill based ratio seems to do a much
better job of oscillating with major tops and bottoms in the markets, your
mileage may vary.
Earl
Attachment Converted: "c:\eudora\attach\SPALTYLD.gif"
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