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OCR: P/E 40 90 RATIO 35 80 70 60 20 40 30 15 20 BULL/BEAR 10 10 5 :0 0 1975 1976-77 1980-81 1984-85 1988-89 1992 BULL/BEAR -3.45 -5 % CHG P/E. RATIO .7.3 FIGURE 3. The neural net determines what the influences are on the S&P 500 Index.