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Johnson johnson and ibm. The winners are the banks, like goldman and jpmorgan and, of course, netflix last night. So the question is simple here. Given what we have seen so far in the companies that have reported so far, have the earnings justified the rally . Guy, what do you shea . I think so. The stocks that have done well are being rewarded as they should be. And there have been companies that have done poorly and theyre getting blasted. Ibm one of those names. But does it justify the rally . Tim has been making this point pretty consistently. In an environment where you have Interest Rates at historically low levels, all be it off the lows, 18 times or so, 18 1 2 times forward earnings after the s p, maybe that is sort of cheap. I still think its a little expensive and i would push back that gap earnings are probably much higher than that, probably closer to 25 times forward earnings. But when rates are this low, i think the market probably is considered. So you brought up gap ear

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