MARKET INDEX TECHNICAL ANALYSIS - MITA Message Board

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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA

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To: fut_trade who wrote (1627)	11/30/1999 7:04:00 PM
From: pater tenebrarum	Read Replies (1) of 19219

Peter, it will only become a habit if the mania persists. p/e has become a largely meaningless gauge of the market anyway ever since we have left the realm of reason... you could say for years that the market was fundamentally overvalued, and yet it was driven higher. imo we have to simply recognize it for what it is, namely an investment mania, the end of which we must try and recognize when it comes. until then, fundamental valuation measures, be they p/e's, price/book, price/sales, you name it, are essentially worthless. they will count again once the market has suffered a 50-70% decline from wherever the top is put in. just imo of course. re: Japan, i'll post this to-morrow, it's getting late in my neck of the woods... regards, hb

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