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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 670.31

-1.1%

Nov 6 4:00 PM EST

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To: Follies who wrote (54133)	6/14/2000 9:04:00 PM
From: pater tenebrarum	Read Replies (2) of 99985

wrong...because for every $1 in GDP growth last year, $5,30 in new credit was created. thus, we are experiencing a credit induced crack-up boom, a.k.a 'bubble'. you may have noticed that in terms of stock valuations this particular bubble has already left all previously experienced extremes way behind as the NAZ p/e hit 256 at the height of the mania. in this sense it's different... i would say that possibly higher valuations can be justified to some degree, for various reasons, mainly the ones relating to technological progress. however, it has gone way too far, due to the explosion in money supply growth administered by easy Al.

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