Valuation and fundamentals

Thomson saying P/E 17.03 means earnings slight drop from last week. 

Yardeni's report of Citigroup Economic Surprise Index back into negative territory led the drop (hard to see unless checking this day by day, but I did see below zero before 9/9). Maybe it will be an excuse for FOMC to not raise rates, but the more they talk about it with economic data disappointing the more the market is likely to throw more fits.