*                         3/6      3/13     3/20     3/27/23
S&P 500 Index             4045.64  3861.59  3916.64  3970.99
Trailing 12 month PE      23.58    22.41    22.74    23.07
Trail Earnings yield      4.24%    4.46%    4.40%    4.33%
Forward 12 month PE       20.12    18.73    18.96    19.11   
Fwd Earnings Yield        4.97%    5.34%    5.28%    5.23%
90 day tbill yield        4.91     5.01     4.52     4.74
10 year tbond yield       3.97%    3.70%    3.39%    3.38%
Arezi Ratio               1.16     1.12     1.03     1.09
Fed Ratio                 0.80     0.69     0.64     0.65

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 65%
stocks, 35% 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 45%.

An alternative allocation, using S=120-30*Arezi Ratio and the first
two of the other timing indicators, produces a target of 87%.

Elan

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