Jul
31st
Fri
31st
On The Bear Rally
S&P 500 P/E on reported earnings is at 760x. Taking out “extraordinary” items, it goes to 24x. Profit estimates have been beaten only by cost cutting programs that will not sustain profits in the medium term with more and more companies posting decreasing revenues (Microsoft -17%, Disney -7%, Sony -19%, Nintento -40% YoY)
