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Here's a look at the S&P 500 (black line, left scale) and its earnings (gold line, right scale). The graph is scaled at 16-to-1.

I think it's clear that the market isn't undervalued, given its current condition. What will matter is if the downturn is earnings will really by over this quarter. Given the rate that earnings have been cut, that's far from certain.

Posted by edelfenbein at July 30, 2008 10:47 AM