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Technology Stocks : Qualcomm Incorporated (QCOM)
QCOM 175.50-2.0%10:21 AM EST

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To: Wyätt Gwyön who wrote (120184)6/12/2002 11:17:23 AM
From: Art Bechhoefer  Read Replies (1) of 152472
 
MM-->>mutual funds are at very low cash levels<<--So your conclusion then must be that there isn't all that much money waiting to come back into the market. It's already invested elsewhere, whether in Treasuries or in low risk equities with dividends well covered by earnings. Would this be an accurate conclusion? If so, then we've got still more grief before we can expect any major improvement.

The lingering issue, as far as I am concerned, is that AVERAGE equity prices reflect a price-earnings ratio too high for the expected growth in earnings over the next 12 months.

Art
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