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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 681.43

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To: GREENLAW4-7 who wrote (67661)	1/25/2001 9:24:01 PM
From: David Howe	Read Replies (1) of 99985

<< NASD was at 700 in 95, does anyone think we are over valued here??? >> Not necessarily. That's only a 300% increase in the Nasdaq during that time frame. I believe that if you check, the EPS and Revenue of the key Nasdaq companies is up about 300% as well. There has been some PE expansion in the Nasdaq, but that can be accounted for in the large number of companies that are on the verg of significant positive earnings, or have negative earnings. If you want to short something here, look for an ultra high PE stock, or one that trades on future earnings that are suspect. Don't just look at the size of the increase in the Nasdaq as a sign that it is overvalued. The earnings have increased as well. Dave

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