Data, Valuation or Trends: Which Should You Bet On?

The forward P/E for the S&P 500, based on forward 12-month earnings estimates from Bloomberg, is back at over a decade high, at 18.3x. This has been a short-term stall level for the indices over the past several weeks. Meanwhile, the data has turned a bit more cautionary and may be suggesting a pause of the recent rally.

Still, with one exception, the near-term uptrends remain intact. All of the indices closed higher Thursday with positive internals on the NYSE and Nasdaq. NYSE volumes were flat from the prior session while Nasdaq volume dipped. Several new closing highs were achieved Thursday, including the S&P 500 (see below), Dow Transports, S&P MidCap 400, Russell 2000 and Value Line Arithmetic Index....184 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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