Technology Stocks & Market Talk With Don Wolanchuk Message Board

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Strategies & Market Trends : Technology Stocks & Market Talk With Don Wolanchuk

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To: da_cheif™ who started this subject	1/25/2002 10:43:48 AM
From: da_cheif™	of 208277

GERALD APPEL...one of the few analysts i have any respect for... "There is one measure by which stocks are not at all over_valued, the ratio of yields available from 90 day t bills to the yields available from companies that comprise the S & P 500 index. As a general rule, stocks have generally been near market bottoms when T.Bill yields have been 1.75 or less the amount of stock dividends. Prior to the mid 90.s ratios above 2.25 have marked dangerous market periods, but these ratios reached much higher levels as the 20th century drew to a close. Interestingly since 1929, the average ratio has been 1.20, very low by standards since the end of WWII, but, nonetheless, the current ratio.".... and along with that observation Gerald presented a chart of the s and p back to day one....1.20 yields marked every major bottom...

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