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Strategies & Market Trends : Currencies and the Global Capital Markets

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To: Robert Douglas who wrote (3165)	12/7/2001 2:06:38 PM
From: SofaSpud	of 3536

Seems to me that the market is very far ahead of itself. If you believe that every prolonged sojourn above the trendline must be balanced by a period below, we've only begun to correct for the excess. If you don't believe that something has happened to justify a market multiple at least 50% higher than the historical norm, then you believe all that liquidity that's been injected is going to increase earnings to the point that the multiple will, in hindsight, be reasonable? More likely, IMO, is that lessons have yet to be learned, and that the mo mo mentality is still with us. There's over $1 trillion in cash on the sidelines that doesn't dare miss the move. That's why I think this is a bear rally rather than a resurrection of the bull, and why I'm buying bonds now to take advantage of what I see as the inevitable bounce in price.

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