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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Roebear who wrote (90180)4/18/2001 2:18:59 PM
From: Tommaso  Read Replies (3) of 95453
 
Yes. There were numerous successive cuts in the two years after the market break of 1929, and they had no effect whatever. The "two tumbles and a jump," however, has been true ever since World War II, at least in the United States.
But that pattern has been for stocks that had P/Es of 7 to maybe 15, and yields of 3% to 6%. With P/Es over 20 and yields under 1.5%, the value just isn't there for a renewed bull market.

There is plenty of loose money and credit floating around for a partial reinflation of the speculative bubble, but I think it will last at most a few months.
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