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No Bottom in the Market Yet

People debating on whether to get back in the market should look at Robert Shiller's S&P500 Price Earnings Valuation Data at www.irrationalexuberan...  As of May 5, the PE was 15.9 and, while this is not historically high, it is about twice the historical bottom on the market. 

The chart below shows the highs and lows of S&P500 PE valuation going back to 1881. The 2000 PE peak of 43 was an all time high and the drop after it, while long and painful, has not declined to previous valuation lows.  Matching the previous low will result in a S&P500 of 460 or lower, down around 50% from Monday's 909. 

Robert Shiller S&P500 PE Calculation

New long term investing should be done only after a bottom is defintely in - Any investing before a clearcut bottom is speculation, though it can certainly be profitable.  ...