Valuation and fundamentals

For the second week in a row, SPX traded well above 18X forward earnings (a smoothed 10 week moving average version of that). 19X is about 100 points higher. 

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Pet project: equal weight FAANG P/E climbed from 55 to 57. 

Citigroup Economic Surprise finally lifted back above zero. This is helping $USD and bond yields. 

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