*                         10/9     10/16    10/23    10/30/23
S&P 500 Index             4308.05  4327.78  4224.16  4117.37
Trailing 12 month PE      22.90    22.81    21.93    21.36
Trail Earnings yield      4.37%    4.38%    4.56%    4.68%
Forward 12 month PE       19.81    19.36    18.96    18.59
Fwd Earnings Yield        5.05%    5.16%    5.27%    5.38%
90 day tbill yield        5.63     5.62     5.58     5.59
10 year tbond yield       4.78%    4.63%    4.93%    4.84%
Arezi Ratio               1.29     1.28     1.22     1.19
Fed Ratio                 0.95     0.90     0.93     0.90

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 60%
stocks, 40% cash this week.

Other timing indicators:
The S&P index is below its 200DMA. - Bearish
We are in the May-Oct part of the year. - Bearish
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 20%.

An alternative allocation, using S=120-30*Arezi Ratio and the first
two of the other timing indicators, produces a target of 63%.

Elan

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