VOLTAIRE'S PORCH-MODERATED Message Board

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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED

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To: Jim Willie CB who wrote (37462)	6/4/2001 11:43:17 AM
From: Sully-	of 65232

Hi Jim, Me thinks the NAZ could be weak most of the week. I'm almost completely out of all long positions & starting to load up on the dark side on any strength this afternoon. FWIW, I still don't think the US will see an official recession this year. I think Greenjeans will continue to pump liquidity & even more rate cuts to avert one. My concern is that the earnings recession has yielded P/E's that are almost as high as they were at NAZ 5000. It also appears that the earnings recession will continue one or two more quarters. How does one justify higher share prices in that environment? If earnings continue to decrease YOY & share prices continue upward, P/E's will be at or above Y2K bubble levels, no? BWDIK? Ö¿Ö

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