Stock Market Briefing: S&P 0 Blue Angels September 4, 2018 Dr. Edward Yardeni 516-972-7683 eyardeni@ Joe Abbott 732-497-5306 jabbott@ Mali Quintana 480-664-1333 aquintana@ Please visit our sites at www. blog. thinking outside the box
Table Of Contents Table Of Contents S&P 0 Blue Angels 1-8 September 4, 2018 / Stock Market Briefing: S&P 0 Blue Angels www.
30 32 Figure 1. S&P 0 Blue Angels S&P 0, FORWARD EARNINGS, and VALUATION (monthly) 30 32 27 20 22 Blue Angels: S&P 0 Actual Implied* Aug x15 27 20 22 17 17 10 10 12 x25 12 7 x5 7 0 0 2 0 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 2 0 Source: Standard & Poor s and Thomson Reuters I/B/E/S. 2 Figure 2. S&P 0, FORWARD EARNINGS, and VALUATION (weekly) Blue Angels: S&P 0 Actual 09/04/18 Implied* 08/30/18 x19 x18 x17 x16 x15 2 1 x14 x13 x12 x11 1 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Weekly data start January 2007. Source: Standard & Poor s and Thomson Reuters I/B/E/S. Page 1 / September 4, 2018 / Stock Market Briefing: S&P 0 Blue Angels www.
S&P 0 Blue Angels 1275 1075 875 675 Figure 3. S&P 0 CONSUMER DISCRETIONARY INDEX, FORWARD EARNINGS, & VALUATION Consumer Discretionary Index x24 x18 1275 1075 875 675 475 x12 475 275 275 75 75 820 670 Figure 4. S&P 0 CONSUMER STAPLES INDEX, FORWARD EARNINGS, & VALUATION Consumer Staples Index x24 820 670 520 x17 520 370 370 220 220 70 70 Page 2 / September 4, 2018 / Stock Market Briefing: S&P 0 Blue Angels www.
S&P 0 Blue Angels 1830 1530 Figure 5. S&P 0 ENERGY INDEX, FORWARD EARNINGS, & VALUATION 1830 1530 1230 930 630 Energy Index 1230 930 630 x13 330 330 x6 30 30 9 Figure 6. S&P 0 FINANCIALS INDEX, FORWARD EARNINGS, & VALUATION 9 6 Financials Index x16 6 0 x12 0 3 3 x8 200 200 Page 3 / September 4, 2018 / Stock Market Briefing: S&P 0 Blue Angels www.
S&P 0 Blue Angels 20 16 Figure 7. S&P 0 HEALTH CARE INDEX, FORWARD EARNINGS, & VALUATION x30 20 16 12 8 Health Care Index 12 8 4 4 810 685 560 435 Figure 8. S&P 0 INDUSTRIALS INDEX, FORWARD EARNINGS, & VALUATION Industrials Index x14 810 685 560 435 310 x8 310 185 185 60 60 Page 4 / September 4, 2018 / Stock Market Briefing: S&P 0 Blue Angels www.
S&P 0 Blue Angels 3070 2570 Figure 9. S&P 0 INFORMATION TECHNOLOGY INDEX, FORWARD EARNINGS, & VALUATION x40 3070 2570 2070 1570 1070 Information Technology Index Daily: 09/04/18 Weekly: 08/23/18 x30 2070 1570 1070 570 570 70 70 0 425 3 275 Figure 10. S&P 0 MATERIALS INDEX, FORWARD EARNINGS, & VALUATION Materials Index x18 x14 0 425 3 275 200 200 125 125 Page 5 / September 4, 2018 / Stock Market Briefing: S&P 0 Blue Angels www.
S&P 0 Blue Angels 475 400 325 2 Figure 11. S&P 0 REAL ESTATE INDEX, FORWARD EARNINGS, & VALUATION Real Estate Index 09/04/18 08/23/18 x 475 400 325 2 175 x35 175 100 100 25 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 25 6 5 4 Figure 12. S&P 0 TELECOMMUNICATION SERVICES INDEX, FORWARD EARNINGS, & VALUATION Telecommunication Services Index x30 6 5 4 3 3 2 2 1 1 Page 6 / September 4, 2018 / Stock Market Briefing: S&P 0 Blue Angels www.
375 315 255 Figure 13. S&P 0 Blue Angels S&P 0 UTILITIES INDEX, FORWARD EARNINGS, & VALUATION Utilities Index x18 375 315 255 x14 195 195 135 135 75 75 2 1 Figure 14. S&P 0, FORWARD EARNINGS, and VALUATION (weekly, ratio scale) Blue Angels: S&P 0 Actual 09/04/18 Implied* 08/30/18 x19 x18 x17 x16 x15 x14 x13 x12 x11 2 1 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Weekly data start January 2007. Source: Standard & Poor s and Thomson Reuters I/B/E/S. Page 7 / September 4, 2018 / Stock Market Briefing: S&P 0 Blue Angels www.
27 2300 18 Figure 15. S&P 0 Blue Angels S&P 0, FORWARD EARNINGS, and VALUATION (monthly, ratio scale) Aug 27 2300 18 9 Blue Angels: S&P 0 Actual Implied* 9 0 0 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 * Implied price index calculated using forward earnings times forward P/E of 15.0. Source: Standard & Poor s and Thomson Reuters I/B/E/S. 2 Figure 16. S&P 0, FORWARD EARNINGS, and VALUATION (weekly, ratio scale) Blue Angels: S&P 0 Actual 09/04/18 Implied* 08/30/18 9/4 x15 2 1 1 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Weekly data start January 2007. Source: Standard & Poor s and Thomson Reuters I/B/E/S. Page 8 / September 4, 2018 / Stock Market Briefing: S&P 0 Blue Angels www.
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