Stock multiples are within the normal range and far from stretched.

2013-09-26 A

 

2013-09-26 B

The S&P 500 is down roughly 2% from the FOMC high last week.  Leadership continues to be from the cyclical sectors and risk-on factors.  We are a few weeks away from the official beginning of earnings season and have yet to work through the Federal budget negotiation and debt ceiling debates.  If current stock prices are forward looking, all indications continue to be buy the dips.

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