Minyanville posting: Bears Out of Momentum

"A few weeks ago, the bears fired a warning shot at the equity markets: Should the S&P 500 break its intraday low of 741, the next stopping point would be 600. The fundamental justification for 600 is fairly straightforward - $50 operating earnings times a 12 P/E gets you to 600. $50 is the mid point between the top-down super bears calling for a mid-$40 number, and the more conventional top-down prognosticators with their mid-$50s number..."

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