Pretend with me that we are in Wonderland, where policy inputs can keep everything on the macro in control forever and allow conventional mainstream financial industry people to twittle their P/E ratios and growth metrics for individual stocks and sectors as if it is a normal recovery of a normal economy. In this scenario the S&P 500 is no longer overvalued, at least by the corporate profits data compiled by this SlopeCharts graph.

It’s the same one we used to illustrate the overvaluation that even a buttoned down Wall Street analyst could see (or should have seen) in the run up to the recent correction. Well, it’s fixed now. Again, we’re talking about what the financial services industry will want to promote to its clients, not the macro.