Ouno: It's important to look at a collection of sentiment indicators, making sure you're looking at both attitudinal measures and behavior measures. What tends to be most highly correlated is the year over year rate of change in earnings with the year overyear rate ofchange in the s and p so it's more of a trend connection. Ouno: The housing market index by n ah b has been more heavily driven by equities than other cyclical factors such as inflation or financial crisis. He says that when we're probably out of the woods from a market perspective, maybe there will be less correlation between investors' attitudes and stock prices.