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Likely S&P 500 Bottom: 600, Down 40% From Here
Likely S&P 500 Bottom: 600, Down 40% From Here
GranthamS&Pprofitmargins.png The good news: The S&P 500 is trading near fair value. The bad news: If the current post-bubble low follows previous post-bubble lows, the S&P 500 will probably bottom around 600. First things first, however: Long-term investors can feel better about buying US ...
 Weekly Market Comment: How Low, How Bad, How Long? - November 10, 2008
Weekly Market Comment: How Low, How Bad, How Long? - November 10, 2008
hussmanfunds.com — November 10, 2008 How Low, How Bad, How Long? John P. Hussman, Ph.D. All rights reserved and... actively enforced. Reprint Policy With the S&P 500 down nearly 40% from last year's highs, and now trading modestly above 10 times last year's peak earnings ... (more) Weekly Market Comment: How Low, How Bad, How Long? - ...
Prof Jeremy Siegel's Strange Claim: "Stocks Are Dirt Cheap"
clusterstock.com — JeremySiegel.png Jeremy Siegel, the beloved Wharton professor who juiced the bull market of the 1990s with his... excellent Stocks For The Long Run , has had a rough go of late. First, the "long run" has turned out to be a bit longer than most people ... (more) Prof Jeremy Siegel's Strange Claim: "Stocks Are Dirt Cheap"
U.S. Stocks Advance in Biggest Election Day Rally Since 1984
bloomberg.com — Nov. 4 (Bloomberg) -- U.S. stocks advanced in the biggest presidential Election Day rally in 24 years,... led by energy and banking shares, on rebounding commodity prices and speculation the Treasury will bail out more financial companies. General ... (more) U.S. Stocks Advance in Biggest Election Day Rally Since ...
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Monday links: the shape of things to come
Abnormal Returns — ... How the S&P 500 could work its way to 600.  (Clusterstock) ...

Ten Points About the Markets
The Aleph Blog — ... least of the problems — collateral agreements require MTM.  Regulators can ignore MTM as they please. Second, MTM is misapplied by auditors; it does not mean “last trade,” but an estimate of where a liquid market would trade. 7) Shut the barn door after the cow has escaped.  Yes, loan underwriting standards have tightened, in the middle of a credit bust. 8 ) There is less cash flow to service; the financial sector should shrink. 9) S&P 500 at 600?  Not impossible, and not likely, but if profit margins ...

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