Despite our still (cautiously) bullish outlook, historical P/E levels which once provided support to the stock market are expected to now offer resistance as the market moves higher.
Jun
03
2010
Estimating The Upside: Yes, We Still See Some
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![Doug Ramsey / Chief Investment Officer & Portfolio Manager](https://leuthold.imgix.net/leutholdgroup.com/site_files/authors/DSC_3768_LR_Doug.jpg?h=150&w=150&fit=crop&fp-y=.15)