Bernie Schaeffer thinks market is similar to that of 95. Of course, his guesses are probably as wrong as anybody's else. Overall, we continue to see a growing number of parallels between the current market environment and the market environment of 1995. Joseph Keating, chief investment strategist at First American Asset Management, recently pointed out in an article that the SPX's price-to-earnings (P/E) ratio fell to 17 as of the third quarter of 2006 â lowest since mid-1995. Meanwhile, the SPX has now gone 221 days without a two-percent correction. This compares to the 223-day streak experienced in 1995. Furthermore, we find the market in another in a low-volatility environment, as the CBOE Market Volatility Index (VXO) currently hovers around levels similar to those we saw in 1995. The market started an impressive rally in 1995, and while past performance does not guarantee the future, there are some interesting similarities. It is also worth noting that investors continue to build a wall of worry for the market to climb. To paraphrase the great contrarian Humphrey Neill "The crowd is most bold when it should be cautious and prudent and most fearful when it should be bold."