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Pastimes : A room of one's own

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To: GraceZ who started this subject	7/25/2001 12:45:40 PM
From: GraceZ	Read Replies (1) of 39

Am I the only one that feels like I'm at Walmart and they are "Rolling back prices" on all the high growth favorites of the previous NASDAQ run up? It's difficult if not impossible to know whether we are witnessing the second wave of a multi-year Bear, a la Japan or the early painful beginnings of a new Bull. Right now we're going down for a test of the April lows, PEs are rising faster than stock prices are falling because earnings are collapsing. There are very few rays of light. I've read all the arguments for a worldwide financial collapse, that after the specutalive blow off we had in 2000 the only solution is a deflationary spiral. Meanwhile I have this one nagging thought that keeps me from thinking this is the case and that is because we have two markets, the Naz and NYSE and the NYSE didn't experience anything near what the Naz did. In fact, most of the stocks on the NYSE were flat or lost ground during some of the worst of the excesses to the upside. Those lesser known names have since started moving up even while the leaders have faltered in the last two years. So it appears we have a bull market in small and mid caps while the large caps are getting taken out back behind the wood shed. The other day there was a mid-cap manager from Bank of America on CNBC that said exactly this. He was almost laughed off the show. It was funny to watch the reaction of Mark Haines and his guest, they looked at the guy as if he was crazy. Yet when you do a widespread stock screen for gainers over the last year, you find a lot of evidence to support this guy's claims.

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