-low Treasury yields despite Fed hikes to boost S&P PE Our S&P 500 targets are 2100 for 2015 end and 2250 for 2016 end, representing 5-10% upside. Health Care and Tech — which represent more than one-third of the S&P 500 — are why we are reasonably bullish for 2016, while Energy and Industrials remain a significan

a fair real return on long-term S&P investment of 5.5%. A fair PE is 1/real CoE when future real EPS growth + dividend yield equals the real CoE. Health Care and Tech are why we are bullish on the S&P 500 for 2016. Energy and Industrials worry us a great deal. Most of the rest of the market, both the S&P and the