They say to take comfort because P and E correct to historical norms over time. I can’t take comfort because I don’t know if it’s E that has to go up or P that has to go down.
Of course, past performance is no guarantee of future results. But like Mark Twain said, “History does not repeat itself, but it does rhyme.”
Read Full Story: The ‘rally point indicator’ perfectly predicted the stock market’s logic-defying comeback – Yahoo Finance