Reading all kinds of interesting things lately. This goes back to a post I did yesterday. I have not heard this. Can any of my investment friends verify S&P really did this? I thought it was around 60ish. If I get an answer via email I will post it on here.
Interestingly S&P analysts have recently downgraded their earnings forecasts for the S&P 500 to $48.50 for 2009. This is well below the March 28 estimate of $81.50 for the same period. The most recent estimate still puts the S&P 500 P/E ratio at a historically expensive level of 18. A reversion back to recessionary levels of say 8 would suggest that the S&P 500 could drop to as low as 388 or lower.