Dow Jones Industrials Price to Earnings

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"></SCRIPT>  </div> <bR> <div> <B> <TABLE BORDER="1" CELLPADDING="2" CELLSPACING="1" WIDTH="534" BORDERCOLORLIGHT="#C0C0C0" BORDERCOLORDARK="#808080" FRAME="VOID" RULES="ROWS" HSPACE="0" VSPACE="0" > <tR> <tD VALIGN=TOP HEIGHT= 19 WIDTH="410"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="410" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP><NOBR><div> <A HREF="#notes___links_1" TITLE="Dow Jones Industrials Price to Earnings"><U><B>Notes & Links</B></U></A></div> </NOBR></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 19 WIDTH="410"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="410" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP BGCOLOR=#DDDDDD><NOBR><div> <A HREF="http://www.investmenttools.com/equities/" TARGET="_top" TITLE="http://www.investmenttools.com/equities/"><U><B><IMG BORDER="0" SRC="Symb075c00b700c899330000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">More Equities</B></U></A></div> </NOBR></tD> </tR> </TABLE></B></div> <bR> <div> <TABLE BORDER="0" CELLPADDING="2" CELLSPACING="1" WIDTH="623" BORDERCOLORLIGHT="#C0C0C0" BORDERCOLORDARK="#808080" FRAME="VOID" RULES="NONE" HSPACE="0" VSPACE="0" > <tR> <tD VALIGN=TOP HEIGHT= 40 WIDTH="599"><div> <FONT SIZE="3" COLOR="#000000" FACE="Courier New" ><B>Dow Jones Industrial P/E ratio, 30 Week Rate of Change (</B></FONT><FONT SIZE="3" COLOR="#FF0033" FACE="Courier New" ><B>red</B></FONT><B>) and 52 week exponential average (</B><FONT SIZE="3" COLOR="#336600" FACE="Courier New" ><B>green</B></FONT><B>).</B></div> </tD> <tD VALIGN=TOP WIDTH="13"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="40" ALIGN="bottom" WIDTH="13" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 282 WIDTH="599"> <IMG SRC="../../images/weq/fundam/priceer.gif" border=0 ALIGN="BOTTOM" HSPACE="0" VSPACE="0"> </tD> <tD VALIGN=TOP WIDTH="13"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="282" ALIGN="bottom" WIDTH="13" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 25 WIDTH="599"><div> <B><U><IMG BORDER="0" SRC="Wing0a7300a801180099ff00.png" HEIGHT="19" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">Notes & Links:</U></B></div> </tD> <tD VALIGN=TOP><NOBR><div>  <A NAME="notes___links_1"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="1" ALIGN="bottom" WIDTH="1" HSPACE="0" VSPACE="0" ></A></div> </NOBR></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 139 ><NOBR><bR> <bR> <bR> <div> <B><U>_____________________________________________</U></B></div> <bR> <div> <B><IMG BORDER="0" SRC="Symb075c00b700dc00000000.png" HEIGHT="15" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">01/07/04 </B><FONT SIZE="2" COLOR="#0033FF" FACE="Courier New" ><A HREF="http://www.cumber.com/special/03-19-03.pdf" TARGET="_blank" TITLE="http://www.cumber.com/special/03-19-03.p"><U><B>Arthur Laffer has S&P's P/E at 3.3</B></U></A></FONT></div> </NOBR></tD> <tD VALIGN=TOP WIDTH="13"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="139" ALIGN="bottom" WIDTH="13" HSPACE="0" VSPACE="0"></tD> </tR> </TABLE></div> <div> <B>  <script 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