throw in the fact 17x is close to cycle highs, not cycle lows

have we ever ended up at 17x during the recession lows?

no?

ok, so let's say 15x.....you do the maths

$SPX is just a gift to sell up here - esp as all the never saw the drop coming talking heads tell u low is in! https://t.co/bPDW3sHzuo