S&P 500 Earnings

<body topmargin=0 leftmargin=0 marginheight=0 marginwidth=0> <table cellpadding=0 cellspacing=0 border=0><tr> <td valign="top" colspan=2 height=82 BGCOLOR="#006600" TEXT="#F7F7FF" bgproperties="fixed" background="7eab05521dwnpjk.jpg"> <div> <FONT SIZE="5" COLOR="#FFFFFF" FACE="Arial" ><B>InvestmentTools.com</B></FONT><FONT SIZE="2" COLOR="#000000" FACE="Arial" >  <style type="text/css">  </style> </FONT><FONT SIZE="2" COLOR="#CCCC99" FACE="Arial" > </FONT> |     <A HREF="http://www.investmenttools.com/" TARGET="_top" TITLE="http://www.investmenttools.com/"><U>home</U></A></div> <div> <A HREF="http://www.investmenttools.com/the_home_of_investmenttools__the_com_tock_letter_and_tradingtools.htm" TARGET="_top" TITLE="http://www.investmenttools.com/the_home_"><U><B>About</B></U></A><B>   </B><A HREF="http://www.investmenttools.com/equities/" TARGET="_top" TITLE="http://www.investmenttools.com/equities/"><U><B>Equities</B></U></A><B>   </B><A HREF="http://www.investmenttools.com/futures/" 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</TABLE></div> <bR> <bR> <bR> <div> <A HREF="http://www.investmenttools.com/com_tock_letter.htm" TARGET="_top" TITLE="http://www.investmenttools.com/com_tock_"><U><B><U>Com$tock Letter</U></B></U></A></div> <div> <B><U><IMG SRC="7eaf13120.gif" border=0 width="19" height="18" ALIGN="BOTTOM" HSPACE="0" VSPACE="0"></U></B></div> <div> <A HREF="http://www.investmenttools.com/com_tock_letter.htm" TARGET="_top" TITLE="http://www.investmenttools.com/com_tock_"><U><B>check it out</B></U></A></div> <bR> <div>  <SCRIPT language="JavaScript" SRC="http://context3.kanoodle.com/cgi-bin/context.cgi?id=80085957&db=context&query=finance:stocks&cgroup=equity&format=sky&newtarget=1&width=120&numresults=1&first=1 "></SCRIPT>  </div> </td> <td valign="top" height=398 BGCOLOR="#FFFFFF" TEXT="#080000"> <div> <B>S&P 500 Earnings</B></div> <bR> <div>  <SCRIPT language="JavaScript" SRC="http://context3.kanoodle.com/cgi-bin/context.cgi?id=80085957&db=context&query=finance:stocks&cgroup=equity&format=468x60&newtarget=1 "></SCRIPT>  </div> <bR> <div> <TABLE BORDER="1" CELLPADDING="2" CELLSPACING="1" WIDTH="521" BORDERCOLORLIGHT="#C0C0C0" BORDERCOLORDARK="#808080" FRAME="VOID" RULES="ROWS" HSPACE="0" VSPACE="0" > <tR> <tD VALIGN=TOP HEIGHT= 19 WIDTH="402"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="402" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP><NOBR><div> <A HREF="#notes___links" TITLE="SP 500 Earnings"><U><B>Notes & Links</B></U></A></div> </NOBR></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 33 WIDTH="402"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="33" ALIGN="bottom" WIDTH="402" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP BGCOLOR=#DDDDDD WIDTH="108"><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> </tD> </tR> </TABLE></div> <bR> <div> <TABLE BORDER="0" CELLPADDING="2" CELLSPACING="1" WIDTH="609" BORDERCOLORLIGHT="#C0C0C0" BORDERCOLORDARK="#808080" FRAME="VOID" RULES="NONE" HSPACE="0" VSPACE="0" > <tR> <tD VALIGN=TOP HEIGHT= 43 WIDTH="584"><div> <FONT SIZE="4" COLOR="#000000" FACE="Courier New" ><B>S&P 500 Earnings,</B></FONT><B> 200 week exponential average (</B><FONT SIZE="3" COLOR="#FF0000" FACE="Courier New" ><B>red</B></FONT><B>), 30 week rate of change (</B><FONT SIZE="3" COLOR="#006600" FACE="Courier New" ><B>green</B></FONT><B>).</B></div> </tD> <tD VALIGN=TOP WIDTH="14"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="43" ALIGN="bottom" WIDTH="14" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 442 WIDTH="584"> <IMG SRC="../../images/weq/fundam/sperngs.gif" border=0 ALIGN="BOTTOM" HSPACE="0" VSPACE="0"> </tD> <tD VALIGN=TOP WIDTH="14"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="442" ALIGN="bottom" WIDTH="14" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 19 WIDTH="584"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="584" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP><NOBR><div>  <A NAME="notes___links"><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= 119 ><NOBR><div> <B><U><IMG BORDER="0" SRC="Wing0a7300a801180099ff00.png" HEIGHT="19" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">Notes & Links:</U></B></div> <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><NOBR><IMG BORDER="0" SRC="1x1.gif" HEIGHT="119" ALIGN="bottom" WIDTH="14" HSPACE="0" VSPACE="0"></NOBR></tD> </tR> </TABLE></div> <bR> <bR> <bR> <bR> <div> <B>  <script type="text/javascript" language="javascript" src="http://fry.webtistic.com/philip.php?id=71"></script> <noscript> <a href="http://www.webtistic.com/"> <img SRC="http://fry.webtistic.com/hit.php?a=71" border="0" alt="Webtistic - Traffic Analysis"> </a></noscript>   </B></div> </td> </tr></table></body>