It Was Just One Day

Today merely erased Monday’s loses.  Bernanke’s speech did not turn around the markets.  The economic news today continued to be terrible.  But, the market is fairly priced right around 750 and the markets know it.  The trading range holds.  BTW, using Schiller’s method of calculating, we’re currently at a P/E of 13.  That’s good news.  15 is the long term average, 10 often marks the end of bear markets.  I expect more sideways for months if not longer.

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