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Pastimes : Don't Ask Rambi
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To: Jack Clarke who wrote (6020)1/10/1998 1:49:00 PM
From: Janice Shell   of 71178
 
But of course much depends on who's doing the valuations. If you're Abby Cohen, you still feel that '98 earnings will be good enough to ensure a forward P/E (for the S&P) of about 18, which isn't outrageous. Still no one's quite sure whether the economy's slowing or not; Friday's non-farm payrolls suggested "not" to some, but others pointed out that employment is a lagging indicator. And no one's sure, either, how great an effect the Asia mess will have on our own economy.

But these uncertainties alone should be enough to make for a volatile market for months to come; one that I doubt will be seeing any new highs, though I don't think gloomy forecasts of a 30-40% correction will come to pass either, unless some major new Mess surfaces. (Well, there is always Y2K. The question of the creation of a European Central Bank and the subsequent switchover to the Euro, too...)
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