Hard reconciling #Unemployment currently at 13.4% but the $SPX trading at frothy 2800. In Feb fwd earnings &amp; PE on SPX were $177 &amp; 19x (very rich b/c 5yr avg is 16.7x). SPX 2800 w/a 16.7 fwd PE implies a fwd earnings of $167.7 a paltry 5% #COVID19 earnings impact.