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Strategies & Market Trends : Steve's Channelling Thread

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To: Jdaasoc who wrote (26583)	9/8/2001 12:03:43 AM
From: Zeev Hed	Read Replies (2) of 30051

John, I am not saying we reached bottom yet, but i can 'smell" a local bottom at least. Just ask yourself what will be the mood after the first of the year or by next spring. When you see more and more good growth companies selling at between 1 to 2 times trailing sales and book (and I am not talking about the still inflated ones like INTC selling at more than 5 times trailing sales), you know we are not too far. The nifty 50 of this cycle will not come down to rational valuations in this bear cycle, it may take two or more bear markets to bring them down to earth. Between these bear markets, you are going to see spirited rallies. That is what I see for the next 9 to possibly 15 months. I am now at 48% cash, and if we continue the downward spiral next week (I stated that I expect the low before the 14th, or at the latest the 16th), I'll keep lowering the cash and deploy into undervalued situations or momentum situations, whichever reach my targets. Zeev

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