Jeff, RE:" I wouldn't be surprised to see higher PEs if the economy (hence market) continues
to perform as it has in the past two years".
Get a load of this: Tonight, in Lou Ruckeyser's Weekly business report
on PBS: Elves where bullish +3, ( out to 3 months!! ).; One of the participants mentioned
that this is not the longest Bull-Market. rather there was 20 year
long bullmarket before World War 1 and after World War 2: These
were world wide too, charachterized by GDP growth of~4%, low inflation
and , interestingly, low taxes!1: SAME AS NOW!!! I think Ralph Capiello
said that who is quite respectable. Lou and Ralph both castigated
Greespan for his " exuberant Stockmarket" statement Dec '96., and
saying that few people have recognized this bull market.:most have missed
because they used old tools to interpret it.
Dow Jones newswire today stated that even though new, good, earnings
reports were meager today, the market did not sell off; rather it
traded lower because of lack of buying more than anything.
I noted that high flying Dell took in the chin as people are beggining
to get hold of this hot, overcooked potato.
So I think Monday people will be looking for values,== SGI !
Investors Bus Daily Almanac, had the following wise statement for
Wed July 23 :
" If the models are telling you to sell, sell, sell, but only
buyers are out there. don't be a jerk. Buy!
William Silber, Ph.D. ( N.Y.U.), in Newsweek,1986.
TA |
