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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA
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To: Alex MG who wrote (14884)11/16/2002 9:00:33 PM
From: J.T.  Read Replies (4) of 19219
 
earth to JT!... ground-control to major Tom!

Major Tom checking in for duty.

Still firm in your convictions we are going to hell in a hand basket? COMP 700? DOW 5,000? Insane P/E's etc?

I know one well respected long term Bear who turned Bullish blowing up the P/E argument you put forth. Do you know what the DOW P/E ratio was in 1932 into the bottom and 1933 P/E ratio after the initial melt-up? Do you know there was absent earnings in 1982 before the great bull commenced and do you know how high the DOW and SPX P/E ratio spiked in 1982 before the mega launch of the great Bull market?

Meanwhile, the worthless drivel I keep posting about the NYSE Members Net Balance Index week in and week out which some have suggested is outdated or no longer valid provides monumental evidence that we are only in the early stages of this mother launch. So far, NYSE Members have bought and buried 1.7 + Billion shares in 2002 alone and almost matches the cumulative total shares bought and buried from all of 1995 thru 2001. Two more weeks with an average 68 Million shares bought and we will have reached parity.

2002 = 1995 + 1996 + 1997 + 1998 + 1999 + 2000 + 2001 for the nyse member net balance index.

But don't listen to me as I have proven to be too dogmatic in my approach.

Listen to the market to tell you when and if you decide to toss in the white towel and get long.

Otherwise, good luck on the short side or get your bag of popcorn and watch the game from the bleachers if you refuse to get in on the long train.

Best Regards, J.T.
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