 Hey everyone wanted to do an update on the S&P 500 and I'm gonna focus on the large cap stocks including Apple, Microsoft, Google, Amazon, Meta, Tesla and Nvidia. I'm gonna use the fundamental data that I've collected, but I'm also gonna show it on the charts because it'll all make sense. Here we have the S&P recently. It's trading poorly, has been in a slight pullback or consolidation. Some might even call this a head and shoulders. It looks like it may want to sell. There's a gap. Yada, yada, yada. The real problem is that it's relatively expensive for many different reasons. We still have inflation and we still have rising rates. Let me show you how this chart also says the same thing that the worksheet does. I love trading with the worksheet. It's just a way to bring fundamentals and map it out. If we look at the what is this? Two, four, seven, seven large caps. This is most of the market. I saw a tweet saying that these seven stocks are up 50% for the year, yet the other 493 of the S&P are basically flat. If you look at the earnings yield, these are all below the earnings yield of the S&P and they're also pretty close to what the bonds are paying. So that's competing with stocks. I also have some valuations based on their growth rates. These growth rates I've gotten from seeking alphas, analyst expectations, and then if you measure them using different metrics, I use Peter Lynch's growth rates and then I use a Kager analysis. I get these different valuations. Based on my metrics, my formulas, which I won't go into, they're not on sale. The stocks are on the higher side and we can see it in the chart. So if we go to something like, let's say Apple, yes, it's not on sale. If we go to Meta, Meta, probably not on sale. If we go to Microsoft, also near highs, and that's all reflected in these numbers. If we were seeing five percent, six percent, seven percent, you're going to see a different situation. This is also a sheet that I use to pick out undervalued stocks with good growth. And I have those numbers and I have a bunch of numbers, but that's not the point. These seven stocks are the whole market. Let's look at Tesla. Everybody loves Tesla. Yeah, relatively high, not the highest, but relatively high in the short term. Also selling. If we look at their fundamentals, price to cash flow, 61, price to sales, nine. These are all numbers that are expensive and they're looking forward. They're pricing in forward growth. You know, what was Tesla at? At one point, Tesla was almost a hundred bucks. So that would mean that more than double the current earnings yield. Where's the earnings yield right now? 1.4. So at one time, it was like three and change earnings yield. So would you want to make, would you want to own a business that earns 1.7 percent and is growing at 20 percent? Would you want to own a business that earns 1.4 percent and grows at 15 percent? It's hard to say unless you map it out, use the math. I'll show you this side. So these are the earnings and their dynamic, they change and if we go into some kind of recession, then they're gonna change drastically. But for the next five years, these are not stellar returns. There are better returns as I can hint to down there, at least on what analysts are expecting. Historically, these are basically 30, 35 PEs, which are very high. So what do I have right here? The all-time high on the spy was $479.98. We are only 10 percent below that and when the market is more discounted, like 30 percent or 50 percent, that's those are better deals, obviously. Also VIX at 17, which I keep track on the worksheet, very low. That implies an 8.6 put yield. If you just sell the puts, you might get 8.6 premium on the puts. But if the market has already moved 10 percent, you can see, if you sold puts at the top, you're underwater. The implied market moves are about 5 percent. So if we get anything more than that and you sell these 8.6 puts for a year, then you'd be in trouble. So a lot of signs are pointing to there's not a lot of downside priced in. So the market doing what it's doing, it's repricing risk. And here's the S&P. It's just repricing risk. Would it surprise me if the market went lower? No, because then the earnings yield would make more sense. You want to have an earnings yield that's better than bonds. Otherwise, the bonds look very good. With the yield so high now, bonds are competitive. These earnings yields are not competitive unless they grow. If we don't grow, then these don't make any sense. So that's what the market is debating right now. I don't want to make it any longer than I've already have. So if you have questions, comments or messages, and you should have access to all my socials, cheers.