Playing for Time

(1) Huge relief rally since February 11. (2) No dancing in the streets for bull’s record high. (3) Earnings need to recover to sustain bull’s lofty valuations. (4) Earnings are set to do just that. (5) Raising next year’s S&P 500 target from 2200-2300 to 2300-2400. (6) Time is money: The longer the expansion, the higher the valuation. (7) No boom, no bust! (8) Forward earnings resuming ascent into record territory. (9) Secular stagnation is bullish because rates stay low and so does recession risk. (10) A corporate finance perspective on valuation.