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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club
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To: marc ultra who wrote (7242)7/28/1999 6:25:00 PM
From: MrGreenJeans  Read Replies (1) of 15132
 
The Data

At this point I think I'm beginning to wish for disturbingly strong data with the market shaking it off and rallying up with continued poor technical action on the way to the area of the July 16th highs

Disturbingly strong data will probably bring a significant sell off unless you are short there is no reason to wish for this scenario. (Unless you are into pain.)

I guess if we get some weak numbers tomorrow with yields dropping and a strong rally that powers through to new highs we may continue this bull but I don't know if I'm anxious to participate if we reach 30X P/E on the S&P.

Let's hope for a strong rally to new highs. That way those that wish can sell into strength and get better prices for their equities and position themselves for a possible inflection point later in the year. One does not have to participate at 30xs price earnings ratios. One can sell before then. Quite frankly, we are all going to look back at this period someday and say wow equities were trading at 28, 29, or 30xs price earnings ratios and people who got caught in the grasp of the bear thought they were going even higher. Although I am not a technician a rally to the old highs or slightly higher highs may signal a topping out of the market and give one a second chance to "reallocate" if desired.

As for myself, I willing to let Bob make the probability call as to whether or not I should be in or out of the market come August. For those that will call me a lemming well so be it. As a tired veteran of many investment wars, lost some battles but definitely winning the war, the sign of an intelligent person is to hire someone smarter than yourself to work on your behalf. I hired Bob.

Sitting here ready, relaxed and tanned waiting to make whatever move Bob decides upon in a New York minute.
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