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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: BigBull who wrote (62116)	3/14/2000 2:17:00 PM
From: upanddown	Read Replies (1) of 95453

Can't imagine these nutball tech stocks have much gas left in the tank. Bull, looking at the amazing chart in yesterday's WSJ, I absolutely agree. It shows the PE's for the S&P 500 techies vs the S&P 500 non-techies for the last ten years. We always hear how the S&P 500 is selling at historically high PE's, right? Well, not exactly. For the first five years of the 90's, non-tech in the 500 actually had a higher PE than tech in the 500 but not by much. In mid-decade, tech inched ahead but not by a lot, never more than 5 points until the correction and turn in late 98. Since then, the divergence has exploded. S&P 500 tech now sells for approx 42 PE while S&P 500 non-tech now sells for approx 13 PE. The non-tech portion of the index now sells for the LOWEST PE's since 1990. It just makes me more convinced than ever that there is a huge shakeout coming in tech and it doesn't have to be accompanied by non-tech falling apart since that sector is already within its historical range of reasonable value. John

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