… it will break your heart. Forward P/Es are now 19.6 based on 4/24 Earnings estimates, which are probably too high.
We are in Tech bubble P/Es right now.
I know you should never fight the Fed but …. I am not sure there is a lot of upside buying here.
Bad new: U.S. had a record number of new cases yesterday. Good news: It’s because testing is improving. Conclusion: If governors stick to their rules, still a few weeks of stay at home.
California (my home state) is also near record high new cases.
One criteria is testing, which we still need more of. We also don’t have the capacity to test and trace. We don’t have a 14 day decline of cases. In fact, in theory, we now need 13 days of declining positives to meet the reopening criteria nationwide.
Regardless of what you think about the ‘rules,’ we don’t set them – Elected officials do. My predictions are based on their laid out criteria. I still see an opening of May 15th or later for the major population areas of the U.S.