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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 662.63

+0.4%

Nov 19 4:00 PM EST

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To: dennis michael patterson who wrote (36559)	1/4/2000 10:55:00 AM
From: pater tenebrarum	Read Replies (2) of 99985

Dennis, give it time...it only started today after all. keep an eye on the 01/19 cycle turning point. that may be the time to load up again, if other technical indicators confirm a bottom is near. but even the most rabid bulls will admit that we're way overextended here. note that the NAZ p/e has risen by a factor of 10 over the past five years. this multiple expansion was partly justifiable due to interest rates being in a secular downtrend. but does it reflect fundamentals? no way.

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