The Watchman Letter: What is the Dow, S&P 500 and Nasdaq True value ?

The True Value of the Stock Market is reflected by removing the $5.1Trillion of Corporations Stock Buy Backs. Because a majority of the Stock Buy Backs were purchased by incurring Bond Debt. It is estimated that between 40% to 50% of all Stock market gains since 2009 are from Stock Buy Backs.

March 9th 2009 the Dow closed at 6547.05.
Today the Dow is at 24919.66 an increase of 380% or up 18,372.61 points.

March 9th 2009 the S&P 500 closed at 676.53.
Today the S&P 500 is at 2973.84 an increase of 412% or up 2,117.31 points.

March 9th 2009 the Nasdaq closed at 1268.64
Today the Nasdaq is at 7759.20 and increase of 612% or up 6,490.56 points.

So lets remove the $5.1 Trillion of Stock Buy Backs:
The Dow point gains of 18372.61 x -.50 = -9186.31 = The Dow True Value of 9,186.30

The S&P 500 point gains of 2,117.31 x-.50 = -1058.65= The S&P True Value of 1,058.66

The Nasdaq point gains of 6490.56 x-.40 = -2596.22 = The Nasdaq True Value of 3,894.34

These numbers reflect the how much the Stock Market is overvalued. The Corporate Insiders knows this because they are selling their shares while they're companies are buying Back Stocks.