In 87, valuation metrics where at extremes (I think that the S&P was in the 25 to 30 range with rates twice as high as they are now), probably , if you take rates into account almost three times the current valuation, ripe for a fast 25% hair cut, right now at between 16 to 18, the PE is not excessive in view of rates under 5%. A crash like 87 is extremely unlikely IMTO. I am in the camp of a fast and furious run, maybe two to three weeks (2020 target), and then resumption of the decline into late June for a target of around 1750 or so followed with another "fast and furious" ramp in July early August, followed by another major bloody September. EPC finally reached 1, and that is not a place where you want to lay out shorts. This is where you want to deploy a "Dow Gambit".
