The markets are extremely oversold, but it can't muster a rally. Why not? The Fed is doing everything it can; ... While many are expecting a rally, and some are in fact buying modestly right now, there are other problems. ... 2) But there's a bigger problem: there is no "E" in the P/E. In English, there is no Earnings in the Price/Earnings Ratio. Look at the estimates now: S&P 500 price is 975; many estimates of earnings for the S&P 500 for 2009 are around $75 for the index. Do the math: 975/$75 = 13 x earnings. Now, this...