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Strategies & Market Trends : Options
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To: David Weis who wrote (2307)2/6/2000 4:06:00 PM
From: Bridge Player  Read Replies (1) of 8096
 
IMO the concept stated in this clip is quite relevant in judging the high-tech market of today. It strikes me that many of us have become comfortable with valuation levels in this sector over the last couple of years (which are apparently expected to continue) that not long ago would have seemed outlandishly extreme and unsustainable. In a market with rising interest rates and a tightening Fed, this concerns me.

<< Taken from Stocks & Commodities, V. 12:11 (459-462): The Coppock Curve by Elliott Middleton

"We are creatures of habit. We judge the world relative to what we have experienced. If we're shopping for a mortgage
and rates have been in the teens (as they were in the early 1980s) and then drop to 10%, we are elated. If, however, they've been at 8% and then rise to 10%, we are disappointed. It all depends on your perspective.

The principle of adaptation-level applies to how we judge our income levels, stock prices and virtually every other
variable in our lives. Psychologically, relativity prevails. >>

BP
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