*                         3/23     3/30     4/6      4/13/26
S&P 500 Index             6506.48  6368.85  6582.69  6816.89
Trailing 12 month PE      25.33    24.72    28.21    29.28
Trail Earnings yield      3.95%    4.05%    3.54     3.42%
Forward 12 month PE       21.55    21.04    21.19    21.19
Fwd Earnings Yield        4.64%    4.75%    4.72%    4.72%
90 day tbill yield        3.74     3.73     3.71     3.69
10 year tbond yield       4.39%    4.44%    4.35%    4.31%
Arezi Ratio               0.95     0.92     1.05     1.08
Fed Ratio                 0.93     0.94     0.92     0.91

The Arezi Ratio is the 90 day tbill yield divided by the trailing
earnings yield of the S&P500. A low ratio means that stocks are undervalued.

The 'Fed Ratio' is the 10 year treasury bond yield divided by the
forward estimated operating earnings yield of the S&P500. A low ratio
means that stocks are undervalued. Thus, a ratio of 0.71 for example
means, according to Yardeni, that stocks are cheaper than 'fair value'
by 29%.

The 'S=120-50*Arezi Ratio' formula indicates an allocation of 66%
stocks, 34% cash this week.

Other timing indicators:
The S&P index is above its 200DMA. - Bullish
We are in the Nov-Apr part of the year. - Bullish
The trailing PE ratio of the S&P is above 17. - Bearish
The treasury yield curve is normal. - Bullish

A composite allocation may start with the Arezi formula and subtract 10%
for each bearish indicator. The current target allocation is 56%.

An alternative allocation, using S=120-30*Arezi Ratio and the first
two of the other timing indicators, produces a target of 88%.

Elan

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