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Strategies & Market Trends : India Coffee House

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To: Cynic 2005 who wrote (7331)	9/28/1999 6:40:00 PM
From: sea_biscuit	Read Replies (1) of 12475

I, turned bearish in Julay-Aug 97 and after a brief technical bullish stint from Feb-April 97 extremely bearish in May-June 1998. Haven't changed my opinion since then. Well, you are right if you are focusing only on the largest cap stocks. However, outside of that universe, there has been a "stealth bear market" on for quite sometime now. This is the time to be bullish about them. IMO, if investors DCAed into a fund like the Vanguard Index Small-cap Value Fund over the next year or two, they should do very well going forward. Or they could choose to pick stocks and buy a few quality large-value stocks and a few more at various cap levels down the chart. Remember, it is not a stock-market; it is a market of stocks. This is what Jim O'Shaughnessy has to say about the "stealth bear market" : In fact, if you compare the average market price-to-sales ratio today versus 2 years ago, you'll see that there are more stocks trading with price-to-sales ratios below 1 now than 2 years ago. Remember the market last year was powered by the nifty few. What really happened was their outstanding performance masked a stealth bear market, where many stocks got absolutely hammered.

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