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Strategies & Market Trends : Tech Stock Options

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To: donald sew who wrote (51263)	8/31/1998 8:14:00 PM
From: Philipp	of 58727

Don: I do think there should be a bounce starting tomorrow, but who really knows now. A bounce tomorrow is extremely unlikely. Well, perhaps at the end of the day after a bloody massacre. The average historical (trailing) P/E on the SP 500 is around 14/15. So at its peak the SP 500 was overvalued by about a factor of 2. If it were to become undervalued by a similar amount.... Well, I don't think that is realistic. Even after a significant correction, the market may still stay at historically high levels. The Western economies are still doing fine after all. There is no reason yet to become long-term gloomy. But one has to watch out. Good trading. Phil

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