I guess I should have been more concise with that "important fundamentals" comment. I was referring to what TA is now stating about both markets. Floors have been breached, and breached big time. Right now it's all about feeling for a bottom, and the momentum is down. Additionally, I react with a hearty "Hear, hear! Or is that..Here, here?", heh, to your comment about PE's. The whole rational basis of PE's was thrown right out the window long before yesterdays darlings went with it. Mania, pure and simple. Going forward I expect proper PE evaluations will reassert itself in some manner, shape or form. Even so, imho tech stocks should command higher PE's than yer average utility, etc., albeit not the stratospheric levels that were/are the norm right now.
Still, one day, or even a week, do not a trend make. I could be waaay off the mark here as it could all start up again(but I don't think it will soon). So we'll have to wait and see.
I do agree that should the bludgeoning continue into the new week....well....market psychology is bound to shift. Mondays, a day of the week not known for its popularity, has just reach repulsive proportions right now amongst the herd, eh? ;-)
John~ |
