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Technology Stocks : Semi-Equips - Buy when BLOOD is running in the streets!
LRCX 153.34-5.0%3:59 PM EST
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To: Robert Douglas who wrote (10428)7/15/2002 3:19:30 PM
From: Terry D  Read Replies (2) of 10921
 
No - not that unimportant stuff.

THE STOCK MARKET!

A decade of wandering in the desert. After 2 decades in the dessert.

BUT - on a macro level, we have many little problems right now. Different from the 70's. But still worrisome to the equity markets. A quote from our July outlook piece is more on my point (because I like plagarizing myself, I am too lazy to rewrite it and I promise I am not looking for any customers from this site. I would get more ulcers.)


...there is the huge gap between S&P 500 operating profits and whole economy profits that began to accelerate in 1997. Now those profits are being called into question... During the first three quarters of last year, the Nasdaq 100 companies reported pro-forma earnings of $20 billion. For the same period they reported GAAP losses of $82 billion. The Fed estimates that stock options alone have produced a profits overstatement of an average 2.5 percentage points over the past five years...

...You may not care about an economy growing even at 10% when stock prices are falling, but falling stock prices do not rule out 4% GDP growth for the year... It is difficult to make a bottom when earnings are being revised downward, causing a loss of confidence that cause a contraction in multiples of earnings. It is no fun. It is unavoidable after the bubble we experienced...

Or, as the President put it, the stock market is "not as strong as it should be."
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