ARTICLE SYNOPSIS ...Predict The Market With Earnings Per Share by Randall J. Covill Take a look at the relationship between changes in earnings per share for each year and the performance of the market for the following year. Is there a correlation? One of Benjamin Graham's investment classics, The Intelligent Investor, has a chapter in which he discusses a comparison of the change in average stock earnings and the change in average stock prices. Intrigued, I decided to graph and calculate a linear correlation coefficient for the actual level in average stock earnings for the Standard & Poor's 500 versus the ac...