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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 672.04

-1.7%

Nov 13 4:00 PM EST

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To: pater tenebrarum who wrote (46786)	4/16/2000 7:17:00 PM
From: Crimson Ghost	Read Replies (2) of 99985

Heinz: Seems to me that tech stocks are not the only grossly overvalued market sector. I also see huge overvaluation in the financials. With the incredible volume of debt and derivatives out there, highly leveraged balance sheets throughout the economy, and the likelihood of big debt defaults in the months and years ahead, the downside risk in banks and brokers seems enormous to this observer. Would not surprise me if a stock like Merrill Lynch -- now at selling around 90 and only modestly below its high after a huge runnup -- sinks to 30 or less before too many moons have passed. And stocks like Schwab probably will go down much more than MER IMHO. The latter recently had a greater market value than GM.

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