S&P Composite Valuation
by Ron Griess
Proprietor, The Chart Store
www.thechartstore.com
March 25, 2004

Data as of March 19, 2004

Chart 1 Note: This chart shows the extreme valuation for the S&P Composite at the "bubble" top as measured by the S& P Composite Price/Dividend Ratio and Price/Earning Ratio. Even with the subsequent downturn in the S&P Composite, the Price/Dividend Ratio remains at a level much higher than historic norms.

Data as of March 19, 2004

Chart 2 Note: For purposes of comparison, this chart shows the S&P Price/Dividend Ratio and the inverse of 10-Year U.S. Treasury Yields.

Data as of March 19, 2004

Chart 3 Note: This chart shows the S&P Price/Earnings Ratio and the inverse of 10-Year U.S. Treasury Yields. The two have come back into balance. The risk from here is a rise in interest rates.
© 2004 Ron Griess
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