Valuation and fundamentals

SPX price (orange) rallied back to the rising 18X valuation level (blue).

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FAANG Fwd P/E 52s in August, up to 55 now. 

Citigroup Economic Surprise Index almost going back positive. USA stocks have shrugged off months of weakness, which means international versions likely looked much better. $USD and bond yields have not ignored this chart, with $DXY and $TNX lows for the year in September. 

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