The Wall Street Cynic, You're Not Dosing Him.

The S&P 500 trades at 17 times forward PE. The rest of them trade really cheap. If earnings from energy companies are supposed to trail off in Q2, then we're going to have an earnings decline below that $200 in S&P earnings right now. That still gets you back to the pre pandemic highs and the S&P down there, you're 3200. We've seen this rotation into other parts of the market which is pretty remarkable.