*                         10/30    11/6     11/13    11/20/23
S&P 500 Index             4117.37  4358.34  4415.24  4514.02
Trailing 12 month PE      21.36    22.49    23.20    23.74
Trail Earnings yield      4.68%    4.45%    4.31%    4.21%
Forward 12 month PE       18.59    19.79    20.43    20.88
Fwd Earnings Yield        5.38%    5.05%    4.89%    4.79%
90 day tbill yield        5.59     5.53     5.53     5.50
10 year tbond yield       4.84%    4.57%    4.61%    4.44%
Arezi Ratio               1.19     1.24     1.28     1.31
Fed Ratio                 0.90     0.90     0.94     0.93

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 55%
stocks, 45% 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 inverted. - Bearish

A composite allocation may start with the Arezi formula and subtract 10%
for each bearish indicator. The current target allocation is 35%.

An alternative allocation, using S=120-30*Arezi Ratio and the first
two of the other timing indicators, produces a target of 81%.

Elan

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