Exactly like early 2000! Look at MOT. Yesterday it actually HAD a PE of 110 or so and was going lower each day. Today, they say they "hope" things will get better and lay off MORE people (actions speak louder than words here, folks), and now they have NO PE to drag them down, so it's off to the races! Companies can make lots of money or lose lots of money. They can't make a little money, however. You get punished for that. But in America today, you can fool the sheep (make that, greedy sheep) for a LONG time by LOSING money and HOPING things will get better in the FUTURE.
This run will go until the first greedy big guy decides he wants to be the first one out again. Really, if everyone would stop shorting all-together, this market would soon HAVE to trade on fundamentals ONLY, and it would drop by some 40%. Stop shorting and stop margin, and the money dries up quickly when everyone "sees" that most stocks have NO earnings, and many, many more have ridiculous PE's (all while the global picture is getting WORSE by the day). If Argentina get a little WORSE, it may attract some of that MOT money!
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