MDA - Market Direction Analysis Message Board

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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 659.03

+1.0%

Nov 21 4:00 PM EST

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To: KymarFye who wrote (63280)	11/28/2000 6:05:16 PM
From: Crimson Ghost	Read Replies (3) of 99985

The NAZ is most comparable to the 1920s US market. Then as now tremendous technical breakthroughs were made and those breakthroughs were used to justify an incredible stock mania. These are the most dangerous bubbles because very real technical breakthroughs can cause otherwise rational people to conclude that yes it is indeed a new era and the old valuation standards are obsolete. Stocks on the NAZ certainly deserve to sell at higher multiples than old economy issues given their growth prospects. Perhaps 40 times earnings might be justified. But 200 times earnings at the peak and something like 80 times earnings even now. These stocks still have a long way to fall IMHO; albeit not in a strait line.

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