@ John - Here are the S&P Composite Index earnings. EPS = Earnings per share, 4-quarter total, at the end of quarter t. This is what most people would use for earnings. EPSQ = Earnings per share, quarterly. EPS is the 4-Q moving average of this. DPS = dividend per share. DP = End of quarter dividend yield. The above 4 variables were typed in by me from S&P book. You can ignore the other variables if you want. set splevel = (dps/dp) set logde5 = log(dps/eps5yr) set logpe5 = log(splevel/eps5yr) set logeqe5 = log(epsq/eps5yr) set pratio = cstind/splevel set logd = log(dps*pratio) set logp = log(cstind) set logeq = log(epsq*pratio) set loge5 = log(eps5yr*pratio) print / eps epsq dps splevel NOte: splevel = dvidends/share / d/p = p/s ; eps = ann earnings / share dps = dividends/ share => e/p = e/s / p/s ; load x[] = earndat.data; x = reshape(x,rows(x)/5,5); ep = x[.,3]./x[.,5]; /* 49 = 4701 */ ENTRY EPS EPSQ DPS SPLEVEL @ 35.01 -999 0.180000000000 0.450000000000 8.45864661654 35.02 -999 0.190000000000 0.440000000000 10.23255813953 35.03 -999 0.150000000000 0.440000000000 11.57894736842 35.04 -999 0.240000000000 0.470000000000 13.31444759207 36.01 0.790000000000 0.210000000000 0.500000000000 15.01501501502 36.02 0.880000000000 0.280000000000 0.550000000000 14.74530831099 36.03 0.940000000000 0.210000000000 0.610000000000 16.01049868766 36.04 1.020000000000 0.320000000000 0.720000000000 17.18377088305 37.01 1.110000000000 0.300000000000 0.750000000000 17.98561151079 37.02 1.170000000000 0.340000000000 0.840000000000 15.16245487365 37.03 1.220000000000 0.260000000000 0.770000000000 13.75000000000 37.04 1.130000000000 0.230000000000 0.800000000000 10.49868766404 38.01 0.970000000000 0.140000000000 0.780000000000 8.47826086957 38.02 0.770000000000 0.140000000000 0.740000000000 11.61695447410 38.03 0.620000000000 0.110000000000 0.660000000000 12.24489795918 38.04 0.640000000000 0.250000000000 0.510000000000 13.17829457364 39.01 0.710000000000 0.210000000000 0.520000000000 11.04033970276 39.02 0.760000000000 0.190000000000 0.530000000000 10.83844580777 39.03 0.810000000000 0.160000000000 0.560000000000 13.02325581395 39.04 0.900000000000 0.340000000000 0.620000000000 12.55060728745 40.01 0.990000000000 0.300000000000 0.630000000000 12.28070175439 40.02 1.040000000000 0.240000000000 0.650000000000 9.90853658537 40.03 1.080000000000 0.200000000000 0.670000000000 10.60126582278 40.04 1.050000000000 0.310000000000 0.670000000000 10.56782334385 41.01 1.060000000000 0.310000000000 0.680000000000 9.94152046784 41.02 1.090000000000 0.270000000000 0.690000000000 9.85714285714 41.03 1.190000000000 0.300000000000 0.700000000000 10.13024602026 41.04 1.160000000000 0.280000000000 0.710000000000 8.66910866911 42.01 1.040000000000 0.190000000000 0.690000000000 7.98611111111 42.02 0.980000000000 0.210000000000 0.660000000000 8.30188679245 42.03 0.940000000000 0.260000000000 0.620000000000 8.78186968839 42.04 1.030000000000 0.370000000000 0.590000000000 9.84974958264 43.01 1.070000000000 0.230000000000 0.590000000000 11.66007905138 43.02 1.100000000000 0.240000000000 0.590000000000 12.34309623431 43.03 1.080000000000 0.240000000000 0.600000000000 12.07243460765 43.04 0.940000000000 0.230000000000 0.610000000000 11.61904761905 44.01 0.930000000000 0.220000000000 0.620000000000 11.96911196911 44.02 0.920000000000 0.230000000000 0.630000000000 12.90983606557 44.03 0.900000000000 0.220000000000 0.640000000000 12.80000000000 44.04 0.930000000000 0.260000000000 0.640000000000 13.25051759834 45.01 0.960000000000 0.250000000000 0.650000000000 13.68421052632 45.02 1.000000000000 0.270000000000 0.650000000000 14.94252873563 45.03 0.990000000000 0.210000000000 0.660000000000 16.17647058824 45.04 0.960000000000 0.230000000000 0.660000000000 17.32283464567 46.01 0.900000000000 0.190000000000 0.680000000000 18.13333333333 46.02 0.840000000000 0.210000000000 0.680000000000 18.37837837838 46.03 0.890000000000 0.260000000000 0.690000000000 15.03267973856 46.04 1.060000000000 0.400000000000 0.710000000000 15.40130151844 47.01 1.270000000000 0.400000000000 0.720000000000 15.12605042017 47.02 1.440000000000 0.380000000000 0.760000000000 15.20000000000 47.03 1.550000000000 0.370000000000 0.790000000000 15.04761904762 47.04 1.610000000000 0.460000000000 0.840000000000 15.21739130435 48.01 1.710000000000 0.500000000000 0.850000000000 15.07092198582 48.02 1.860000000000 0.530000000000 0.850000000000 16.83168316832 48.03 2.070000000000 0.580000000000 0.870000000000 15.45293072824 48.04 2.290000000000 0.680000000000 0.930000000000 15.14657980456 49.01 2.380000000000 0.590000000000 0.980000000000 15.07692307692 49.02 2.400000000000 0.550000000000 1.020000000000 14.20612813370 49.03 2.390000000000 0.570000000000 1.040000000000 15.59220389805 49.04 2.320000000000 0.610000000000 1.140000000000 16.78939617084 50.01 2.370000000000 0.640000000000 1.170000000000 17.30769230769 50.02 2.540000000000 0.720000000000 1.200000000000 17.72525849335 50.03 2.720000000000 0.750000000000 1.330000000000 19.38775510204 50.04 2.840000000000 0.730000000000 1.470000000000 20.41666666667 51.01 2.830000000000 0.630000000000 1.520000000000 21.37834036568 51.02 2.720000000000 0.610000000000 1.560000000000 20.93959731544 51.03 2.510000000000 0.540000000000 1.520000000000 23.20610687023 51.04 2.440000000000 0.660000000000 1.410000000000 23.77740303541 52.01 2.400000000000 0.590000000000 1.420000000000 24.31506849315 52.02 2.340000000000 0.550000000000 1.450000000000 25.26132404181 52.03 2.360000000000 0.560000000000 1.450000000000 24.82876712329 52.04 2.400000000000 0.700000000000 1.410000000000 26.65406427221 53.01 2.430000000000 0.620000000000 1.410000000000 25.31418312388 53.02 2.510000000000 0.630000000000 1.420000000000 24.19080068143 53.03 2.550000000000 0.600000000000 1.420000000000 23.35526315789 53.04 2.510000000000 0.660000000000 1.450000000000 24.82876712329 54.01 2.550000000000 0.660000000000 1.470000000000 27.02205882353 54.02 2.620000000000 0.700000000000 1.450000000000 29.29292929293 54.03 2.630000000000 0.610000000000 1.470000000000 32.30769230769 54.04 2.770000000000 0.800000000000 1.540000000000 35.98130841121 55.01 2.960000000000 0.850000000000 1.560000000000 36.61971830986 55.02 3.220000000000 0.960000000000 1.570000000000 40.99216710183 55.03 3.440000000000 0.830000000000 1.620000000000 43.66576819407 55.04 3.620000000000 0.980000000000 1.640000000000 45.42936288089 56.01 3.690000000000 0.920000000000 1.730000000000 48.45938375350 56.02 3.600000000000 0.870000000000 1.800000000000 46.99738903394 56.03 3.460000000000 0.690000000000 1.840000000000 45.32019704433 56.04 3.410000000000 0.930000000000 1.740000000000 46.64879356568 57.01 3.400000000000 0.910000000000 1.730000000000 44.13265306122 57.02 3.420000000000 0.890000000000 1.730000000000 47.39726027397 57.03 3.470000000000 0.740000000000 1.760000000000 42.40963855422 57.04 3.370000000000 0.830000000000 1.790000000000 39.95535714286 58.01 3.170000000000 0.680000000000 1.770000000000 42.14285714286 58.02 2.930000000000 0.680000000000 1.730000000000 45.28795811518 58.03 2.880000000000 0.690000000000 1.730000000000 50.00000000000 58.04 2.890000000000 0.840000000000 1.750000000000 55.20504731861 59.01 3.110000000000 0.900000000000 1.770000000000 55.48589341693 59.02 3.400000000000 0.970000000000 1.790000000000 58.49673202614 59.03 3.430000000000 0.720000000000 1.810000000000 56.91823899371 59.04 3.390000000000 0.800000000000 1.830000000000 59.80392156863 60.01 3.390000000000 0.900000000000 1.940000000000 55.42857142857 60.02 3.260000000000 0.840000000000 1.950000000000 56.85131195335 60.03 3.270000000000 0.730000000000 1.950000000000 53.57142857143 60.04 3.270000000000 0.800000000000 1.950000000000 58.20895522388 61.01 3.090000000000 0.720000000000 1.940000000000 65.10067114094 61.02 3.030000000000 0.780000000000 1.940000000000 64.66666666667 61.03 3.050000000000 0.750000000000 1.960000000000 66.89419795222 61.04 3.190000000000 0.940000000000 2.020000000000 71.63120567376 62.01 3.370000000000 0.900000000000 2.040000000000 69.62457337884 62.02 3.470000000000 0.880000000000 2.060000000000 54.78723404255 62.03 3.530000000000 0.810000000000 2.080000000000 56.21621621622 62.04 3.670000000000 1.080000000000 2.130000000000 63.01775147929 63.01 3.710000000000 0.940000000000 2.150000000000 66.56346749226 63.02 3.840000000000 1.010000000000 2.200000000000 69.40063091483 63.03 3.960000000000 0.930000000000 2.210000000000 71.75324675325 63.04 4.020000000000 1.140000000000 2.280000000000 75.00000000000 64.01 4.180000000000 1.100000000000 2.330000000000 78.98305084746 64.02 4.330000000000 1.160000000000 2.380000000000 81.78694158076 64.03 4.470000000000 1.070000000000 2.440000000000 84.13793103448 64.04 4.550000000000 1.220000000000 2.500000000000 84.74576271186 65.01 4.680000000000 1.230000000000 2.550000000000 86.14864864865 65.02 4.840000000000 1.320000000000 2.610000000000 84.19354838710 65.03 4.980000000000 1.210000000000 2.660000000000 89.86486486486 65.04 5.190000000000 1.430000000000 2.720000000000 92.51700680272 66.01 5.340000000000 1.380000000000 2.780000000000 89.10256410256 66.02 5.460000000000 1.440000000000 2.830000000000 84.73053892216 66.03 5.510000000000 1.260000000000 2.890000000000 76.65782493369 66.04 5.550000000000 1.470000000000 2.870000000000 80.39215686275 67.01 5.450000000000 1.280000000000 2.900000000000 90.06211180124 67.02 5.330000000000 1.320000000000 2.900000000000 90.62500000000 67.03 5.300000000000 1.230000000000 2.920000000000 96.68874172185 67.04 5.330000000000 1.500000000000 2.920000000000 96.36963696370 68.01 5.440000000000 1.390000000000 2.950000000000 90.21406727829 68.02 5.570000000000 1.450000000000 2.990000000000 99.66666666667 68.03 5.660000000000 1.320000000000 3.030000000000 102.71186440678 68.04 5.760000000000 1.600000000000 3.070000000000 103.71621621622 69.01 5.820000000000 1.450000000000 3.100000000000 101.63934426230 69.02 5.840000000000 1.470000000000 3.130000000000 97.81250000000 69.03 5.890000000000 1.370000000000 3.150000000000 93.19526627219 69.04 5.780000000000 1.490000000000 3.160000000000 92.12827988338 70.01 5.630000000000 1.300000000000 3.170000000000 89.54802259887 70.02 5.520000000000 1.360000000000 3.180000000000 72.76887871854 70.03 5.360000000000 1.210000000000 3.190000000000 84.16886543536 70.04 5.130000000000 1.260000000000 3.140000000000 92.08211143695 71.01 5.220000000000 1.390000000000 3.110000000000 100.32258064516 71.02 5.320000000000 1.460000000000 3.100000000000 99.67845659164 71.03 5.430000000000 1.320000000000 3.090000000000 98.40764331210 71.04 5.700000000000 1.530000000000 3.070000000000 101.99335548173 72.01 5.810000000000 1.500000000000 3.070000000000 107.34265734266 72.02 5.970000000000 1.620000000000 3.070000000000 106.96864111498 72.03 6.140000000000 1.490000000000 3.080000000000 110.39426523297 72.04 6.420000000000 1.810000000000 3.150000000000 117.97752808989 73.01 6.800000000000 1.880000000000 3.170000000000 111.61971830986 73.02 7.230000000000 2.050000000000 3.220000000000 104.20711974110 73.03 7.690000000000 1.950000000000 3.270000000000 108.27814569536 73.04 8.160000000000 2.280000000000 3.380000000000 97.68786127168 74.01 8.360000000000 2.080000000000 3.440000000000 93.98907103825 74.02 8.740000000000 2.430000000000 3.500000000000 85.99508599509 74.03 9.110000000000 2.320000000000 3.590000000000 63.53982300885 74.04 8.890000000000 2.060000000000 3.600000000000 68.57142857143 75.01 8.450000000000 1.640000000000 3.670000000000 83.40909090909 75.02 7.960000000000 1.940000000000 3.710000000000 95.12820512821 75.03 7.760000000000 2.120000000000 3.710000000000 83.93665158371 75.04 7.960000000000 2.260000000000 3.680000000000 90.19607843137 76.01 8.660000000000 2.340000000000 3.690000000000 102.78551532033 76.02 9.250000000000 2.530000000000 3.760000000000 104.15512465374 76.03 9.550000000000 2.420000000000 3.850000000000 105.19125683060 76.04 9.910000000000 2.620000000000 4.050000000000 107.42705570292 77.01 10.080000000000 2.510000000000 4.190000000000 98.35680751174 77.02 10.420000000000 2.870000000000 4.360000000000 100.46082949309 77.03 10.710000000000 2.710000000000 4.500000000000 96.56652360515 77.04 10.890000000000 2.800000000000 4.670000000000 95.11201629328 78.01 10.920000000000 2.540000000000 4.800000000000 89.21933085502 78.02 11.230000000000 3.180000000000 4.910000000000 95.52529182879 78.03 11.570000000000 3.050000000000 5.020000000000 102.44897959184 78.04 12.330000000000 3.560000000000 5.070000000000 96.02272727273 79.01 13.300000000000 3.510000000000 5.200000000000 101.56250000000 79.02 13.980000000000 3.860000000000 5.340000000000 102.89017341040 79.03 14.630000000000 3.700000000000 5.510000000000 109.32539682540 79.04 14.860000000000 3.790000000000 5.650000000000 108.03059273423 80.01 15.290000000000 3.940000000000 5.800000000000 102.11267605634 80.02 14.940000000000 3.510000000000 5.940000000000 114.23076923077 80.03 14.640000000000 3.400000000000 6.070000000000 125.41322314050 80.04 14.820000000000 3.970000000000 6.160000000000 135.68281938326 81.01 14.580000000000 3.700000000000 6.280000000000 135.93073593074 81.02 15.010000000000 3.940000000000 6.390000000000 131.21149897331 81.03 15.270000000000 3.660000000000 6.520000000000 116.22103386809 81.04 15.360000000000 4.060000000000 6.630000000000 122.55083179298 82.01 14.810000000000 3.150000000000 6.720000000000 112.00000000000 82.02 14.170000000000 3.300000000000 6.810000000000 109.66183574879 82.03 13.560000000000 3.050000000000 6.850000000000 120.38664323374 82.04 12.640000000000 3.140000000000 6.870000000000 140.77868852459 83.01 12.420000000000 2.930000000000 6.910000000000 152.87610619469 83.02 12.590000000000 3.470000000000 6.940000000000 168.03874092010 83.03 13.300000000000 3.760000000000 7.000000000000 165.87677725118 83.04 14.030000000000 3.870000000000 7.090000000000 164.88372093023 84.01 15.260000000000 4.160000000000 7.180000000000 159.20177383592 84.02 16.200000000000 4.410000000000 7.310000000000 153.24947589099 84.03 16.560000000000 4.120000000000 7.380000000000 166.21621621622 84.04 16.640000000000 3.950000000000 7.530000000000 167.33333333333 85.01 16.390000000000 3.910000000000 7.660000000000 180.66037735849 85.02 15.610000000000 3.630000000000 7.740000000000 192.05955334988 85.03 15.230000000000 3.740000000000 7.840000000000 181.90255220418 85.04 14.610000000000 3.330000000000 7.900000000000 211.22994652406 86.01 14.520000000000 3.820000000000 8.020000000000 238.69047619048 86.02 14.710000000000 3.820000000000 8.100000000000 250.77399380805 86.03 14.850000000000 3.880000000000 8.230000000000 231.17977528090 86.04 14.480000000000 2.960000000000 8.280000000000 242.10526315789 87.01 15.100000000000 4.440000000000 8.340000000000 291.60839160839 87.02 14.420000000000 3.140000000000 8.520000000000 304.28571428571 87.03 15.860000000000 5.320000000000 8.660000000000 321.93308550186 87.04 17.500000000000 4.600000000000 8.810000000000 246.77871148459 88.01 18.590000000000 5.530000000000 8.950000000000 258.67052023121 88.02 21.670000000000 6.220000000000 9.230000000000 273.88724035608 88.03 22.730000000000 6.380000000000 9.460000000000 271.83908045977 88.04 23.760000000000 5.630000000000 9.730000000000 278.00000000000 89.01 24.960000000000 6.740000000000 9.980000000000 295.26627218935 89.02 25.220000000000 6.480000000000 10.300000000000 317.90123456790 89.03 23.690000000000 4.850000000000 10.670000000000 348.69281045752 89.04 22.900000000000 4.830000000000 11.050000000000 353.03514376997 90.01 21.670000000000 5.540000000000 11.320000000000 339.93993993994 90.02 21.260000000000 6.070000000000 11.670000000000 357.97546012270 90.03 21.740000000000 5.330000000000 11.840000000000 305.94315245478 90.04 21.340000000000 4.400000000000 12.100000000000 330.60109289617 91.01 20.870000000000 5.070000000000 12.120000000000 375.23219814241 91.02 19.350000000000 4.550000000000 12.150000000000 371.55963302752 91.03 17.820000000000 3.740000000000 12.280000000000 387.38170347003 91.04 15.970000000000 2.550000000000 12.200000000000 416.38225255973 92.01 16.200000000000 5.360000000000 12.320000000000 403.93442622951 92.02 17.050000000000 5.400000000000 12.320000000000 407.94701986755 92.03 18.040000000000 4.730000000000 12.390000000000 417.17171717172 92.04 19.090000000000 3.600000000000 12.380000000000 435.91549295775 93.01 19.840000000000 6.110000000000 12.480000000000 452.17391304348 93.02 19.330000000000 4.890000000000 12.520000000000 450.35971223022 93.03 20.410000000000 5.810000000000 12.520000000000 458.60805860806 93.04 21.880000000000 5.070000000000 12.580000000000 465.92592592593 94.01 22.710000000000 6.930000000000 12.710000000000 445.96491228070 94.02 25.200000000000 7.380000000000 12.840000000000 444.29065743945 94.03 27.330000000000 7.940000000000 12.930000000000 463.44086021505 94.04 30.600000000000 8.350000000000 13.180000000000 459.23344947735 95.01 32.550000000000 8.880000000000 13.180000000000 501.14068441065 95.02 34.430000000000 9.260000000000 13.370000000000 545.71428571429 95.03 35.180000000000 8.690000000000 13.580000000000 585.34482758621 95.04 33.960000000000 7.130000000000 13.790000000000 615.62500000000 96.01 34.040000000000 8.960000000000 14.100000000000 646.78899082569 96.02 34.910000000000 10.130000000000 14.270000000000 669.95305164319 96.03 36.090000000000 9.870000000000 14.660000000000 688.26291079812