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The market is radically overvalued based on current earnings. Historical norms say the S&P 500 should be at 850, not 1,065.
And the depressed economy will lead to depressed earnings next year, which means the market will be even more overvalued than it is at current levels.
This will be made clear with October earnings announcements.
While traders will still be able to make money, earnings are expected to be very disappointing.
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