My ADX study for a downturn now officially over.D+ now 28 D- now 13 and ADX 21.TA rules indicate that NASD is going up.
But in this market nothing really is working
In terms of what i specialize in,longterm projection--Ed Yardeni,someone i much respect,the chief economist for DWAB,projects the P/E ratio for the S&P 500 based on present prices ,to be 45-1 by end 2001( in good times,it is historically 22-1,and in recession 15-1). You get the picture,fact we are now way over priced.
By the way he sees a totally flat 2002,that is,no improvement.
Fact, NASD based on future growth would still be overpriced at 1000.
Fact S&P,should be about 600.
But in nitrous oxide U.S. land,facts don't mean a damn thing.PaxMax p.s. the mantra that P/E doesn't matter anymore will be hell to pay later. |
