The S&P 500 is currently valued at 20.6x 2017 earnings, and 18.4x 2018 earnings. Obviously, after almost 9 years of a strong bull market, valuations are stretched. Putting on our rose colored glasses, you could make a case, (although the Federal Reserve is taking away the punch bowl), that the forward P/E multiple is fine at 18.4, and better than expected earnings will drive the market higher.

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Market in a Minute 2018-01-03