S&P 500 Still Reasonably Valued - Doesn't Mean The Benchmark Won't Have A Tough Year

The S&P 500's P/E, despite the 21% return on 2017, remains reasonable at 18(x) earnings and, in fact, given the 20% expected forward growth rate of earnings, the S&P looks very cheap on a "P/E-to-growth" basis. 2.) The "EY-to-Baa" spread is still positive, which presumably is a "credit-adjusted" Fed ...

more here