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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: stomper who wrote (108327)6/12/2001 7:54:04 PM
From: pater tenebrarum  Read Replies (1) of 436258
 
why should the market rally on fundamentals? whatever comes out in terms of positives has been discounted thrice over. since you mention the semi btb, according to the SOX/DRAM ratio, the semi stocks are at their most overvalued ever. their earnings, both current and prospective, are doing the fastest disappearing act i've ever seen. were they to trade on their fundamentals, they would have to plunge by 80% tomorrow. iow, they're trading on monetary fumes and hope.as does the rest of the market. i DO expect another leg up (could easily be wrong about that, the PPI & CPI data could derail it), but i will continue to call it the last exit leg if it eventuates.
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