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Hi Brent,
Although I am English and have only a limited perspective on these matters it
seems that major factors in driving the US bull market in the last few months
is either the prospect or the actuality of corporate takeovers or corporations
buying up their own shares to enhance future eps ratios.
As the pe ratio on the S &P 500 is now around 38 and with the probability of
corporate earnings slowing somewhat it seems to me only a matter of time
before someone observes that the emperor really has has no clothes ( this time
anyway). All I can say is I wouldnt go long on the S & P right now nor would
I write put options on it( that is unless I had suicidal tendencies)
Happy New Year
Bob Jones
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