Goldman may have been right that there will be no more multiple expansion in 2015, but there sure was quite a bit overnight thanks to the latest verbal and actual central bank interventions by the ECB and the PBOC. And as a result, the biggest beneficiary is the S&P500, which is set to open just around 2070, or about 30 points shy of Goldman’s 2015 S&P500 year-end target.
And for those who still care about such things, the chart below shows that fundamentally, the S&P is now trading at 17.5x non-GAAP LTM EPS, and, drumroll, 19.2X GAAP PE!
Should the S&P rise another 10 or so points, David Tepper can finally pop that champagne bottle because his long-held vision of a 20X P/E will have finally materialized. And all it took was the coordinated intervention of every single developed and developing central bank…
via Zero Hedge http://ift.tt/1xbdJBF Tyler Durden