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Retired chief investment officer and former NYSE firm partner with 50 plus years experience in field as analyst / economist, portfolio manager / trader, and CIO who has superb track record with multi $billion equities and fixed income portfolios. Advanced degrees, CFA. Having done much professional writing as a young guy, I now have a cryptic style. 40 years down on and around The Street confirms: CAVEAT EMPTOR IN SPADES !!!

Tuesday, February 10, 2009

Stock Market -- Fundamental Note

In the latter part of last year, the SP 500 Market Tracker was
giving readings of 1000 -1050 or well below the actual level
until the crash came starting in Sept. Then, investors gave up
on consensus earnings and tanked the market. The Tracker
closed out the year at 925, and now looks to be around 875,
on the expectation that earnings in Q1 ' 09 will again come in
under forecast. 12 month earnings could now be down around
$53, compared to the record 12 month total of $91.47 through
mid-2007. More on this subject as the week progresses.

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