MARKET INDEX TECHNICAL ANALYSIS - MITA Message Board

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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA

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To: GraceZ who wrote (15146)	12/1/2002 1:48:48 PM
From: Lizzie Tudor	Read Replies (1) of 19219

Hi Grace LTNS. I saw you on the clown thread commenting about the "we have not yet seen the lows on the naz" mantra as that that is driving the mkt higher. Do you know on what basis the new-lows-for-the-naz theory is built? I believe it is historical chart reading from 1930s or Japan, but not sure. (new lows don't really follow if you are mapping to the 70s scenario). I have been rejecting the cw of a secular bear, since the midcap tech stocks are trading at about 1x sales (net out the cash and its much less)... and during a secular bear multiples are supposed to decline. This is midcap tech only though, maybe some of the megacaps have some room to fall... problem is they are gaining huge share. Avg P/Es don't really work on the naz with all the midcaps trading for close to their large cash positions. On the fundamental side, we have the China/underdeveloped countries buildout to look forward to for ramping tech growth rates. Bigger than the US buildout, for sure. Lizzie

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