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The decline has continued through the mid-line and is now under the 1.000
neutral level. Two of the three components account for nearly all of the
decline - a 25%+- decline in TBill rates and a 25%+- decline in the S&P. The
trailing quarterly earnings used in this model have declined by a modest
5%+-. The next revision to quarterly earnings used in the model should come
in mid-April ... significant declines in earnings will exert upward pressure
on the ratio.
Earl
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