The folks at mybudget360.com report:
There is probably no better indicator of market volatility than the current price to earnings ratio of the S&P 500. The market volatility is spectacular and we are seeing more gyrations in this recession than we did during the Great Depression. Since March when the S&P 500 touched the 666 mark, the rally has boosted the index by 54 percent. Was this caused by stunning second quarter earnings? Absolutely not. With nearly 97 percent of all companies now reporting earnings for the second quarter, the S&P 500 PE ratio sits at 129. This is by far the most over hyped rally in the world.
We are in the initial stages of a hard-core correction. Propagandists refer to this as a “recession” and the same idiots that were telling you that everything was okay before this started are now telling you all about “green shoots”. Believe them at your peril.
Details in the article.