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[VolPivots]

IMO the rangebound trading we've seen since mid-Oct is nothing more than a pause to allow time to catch up to price....we were simply extremely overdone on the downside. I was looking at earnings forecasts along with recent year average P/E ratios. What I found was that based on current estimates and an average P/E ratio of 18, the S&P is fairly valued at 840-850ish. So the question going forward, again using the estimated earnings and a fixed 18 ratio........fair value at the end of Q2 and Q3 both reside just below 700. We'll find out if these ratios can or cannot be traded over the coming months and quarters.