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Strategies & Market Trends : Zeev's Turnips - No Politics
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To: sylvester80 who wrote (97299)7/22/2002 10:08:56 PM
From: SOROS  Read Replies (3) of 99280
 
Last bear this bad in the S&P was 73-74. PE bottomed at 10. Using same standards today, S&P PE is somewhere near 30. Of course, this could just be a pro-forma, new economy correction and the PE will bottom at 29.9 or so.

I remain,

SOROS

p.s. You may want to check the charts on just about any gold stock for 2002. They all rose ahead of the metal. Probably won't break out again until gold takes out $330 for 3 consecutive days. But then, most are only up 200-500%. The XAU uptrend is still intact unless it loses 55. 61-65 could see the reversal and renewed uptrend. Nothing goes up with no corrections. But the S&P, the DOW, and the NASDAQ seem to be going down pretty steadily. Is there a point where you won't chant, "the rally is near?" Dow 7700? 7500? 7000? 6500? 6000? 5000? 4000? I only ask because you are starting to sound like a CNBC analyst crossed with a little boy caught doing wrong -- "Hurry, it's going to go up. It's down again? Oh yeah? Well gold went down toooooo. So there!"
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