The S&P 500 has fallen below a P/E of 16, generally the lower part of its range during...

|By:, SA News Editor

The S&P 500 has fallen below a P/E of 16, generally the lower part of its range during recent years, and the earnings forecast is still very favorable. Eddy Elfenbein says if stocks keep pace with valuations, then the S&P 500 could easily top 1,400 within 18 months. He says he would need to see many more lower guidance announcements before modifying his bullish scenario.