FormerSanDiegan, my apologies; I was taking the info from a book that was published this summer. My Zeal newsletter shows the PE of the S&P500 is 19.4, Dow 30 is 17.8, and the NAS100 is 34.3. According to Zeal, they are overvalued by 3%, 9%, and 28%, respectively. Are you long the market?
SDAppraiser, what are your investments now?
As far as the broadness of the rally, I don’t know much about it other than what I read from The Big Picture and from you. Barry Ritholtz says the Dow Transports and many of the major Dow stocks are not part of the rally, and that is a bearish sign. For me, the broadness of the rally is not relevant; I am more interested in whether the rally is based on improving fundamentals, and in my opinion the fundamentals are declining.
I do enjoy this conversation, because we all learn more if we can consider the opposite points of view.