*                         3/27     4/3      4/10     4/17/23
S&P 500 Index             3970.99  4109.31  4105.02  4137.64
Trailing 12 month PE      23.07    23.88    23.82    23.93
Trail Earnings yield      4.33%    4.19%    4.20%    4.18%
Forward 12 month PE       19.11    19.73    19.75    19.86   
Fwd Earnings Yield        5.23%    5.07%    5.06%    5.03%
90 day tbill yield        4.74     4.85     4.91     5.14
10 year tbond yield       3.38%    3.48%    3.30%    3.52%
Arezi Ratio               1.09     1.16     1.17     1.23
Fed Ratio                 0.65     0.69     0.65     0.70

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 58%
stocks, 42% 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 38%.

An alternative allocation, using S=120-30*Arezi Ratio and the first
two of the other timing indicators, produces a target of 83%.

Elan

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