US CAPE and q chart

US q

On 10th December, 2009 the S&P 500 was at 1102. At this level both q and CAPE show the market to be 48% overvalued.

The calculations for q are based on the Z1 Flow of Funds of the US Table B.102 for Q3 2009, which was published on 10th December. The net worth of non-financial companies is assumed to be unchanged from the 30th September and the value of non-financials is assumed to have risen from 30th September to 10th December in line with the change in the S&P 500.

The CAPE is based on the data from Professor Shiller’s website updated from data published on the Standard & Poor’s website. The EPS for the Q4 2009 is included in the calculation of CAPE and is taken from the S&P website at 12th December which was updated on 4th November 2009.


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