The first 60% reading was not at the decisive market low, though a year after each of them stocks were higher. The S & P index, maybe, at just under 16-times forecast profits, with some cross-asset models saying it should be perhaps two multiple points cheaper. Outside of the five largest S & P 500 names (Apple, Microsoft, Alphabet, Amazon and Tesla), the rest of the index is closer to a 14 multiple, with the equal-weighted S & P around 13. The three-year S & P 500 total return is still 9% annualized, meaning the bear hasn't yet really cut into muscle for longer-term investors. We'll see how this all plays into the feared market retest now underway.

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