Steve's Channelling Thread Message Board

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Strategies & Market Trends : Steve's Channelling Thread

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To: bobby beara who wrote (27935)	9/18/2001 11:23:29 PM
From: Zeev Hed	Read Replies (2) of 30051

Bobby, I do not disagree with your valuation model and "returning to the norm", butI think that this will be a lengthy process (as I explained during April of last year), thus right now, I see the market yielding more to liquidity forces than to psychological forces. And liquidity is overflowing. The chipping of the horns simply means that we should not expect companies selling at "more than 10 times sales" in the near future (g), but returning to an S&P with a PE under 10, will take few more years and few more up cycles and down cycles, within the frame work of th broad trading range mentioned a number of times over the last three years. Zeev

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