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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Lucretius who wrote (236786)4/22/2003 4:28:51 PM
From: mishedlo  Read Replies (6) of 436258
 
From Cramer
This rally is based on FUNDAMENTALS
October's Value Lesson Still Holds

We bottomed in October. No, let me put it another way: What the heck happened that we fell as low as we did in October? Those declines look shocking now. Those prices look like gigantic gifts that could stand for years.

As we listen to earnings calls describing quarters upon quarters in which things have gotten better, as we take company after company off the critical list, as we look back at what has happened in the last six months, only one thing really stands out: Stocks got way too cheap last fall, and they very well still may be too cheap.

***

That leaves me to conclude something I should have realized sooner: This rally is based on the fundamentals. We haven't even seen the post-Iraq rally yet. We haven't even seen the rally that will occur when we become the swing member of OPEC. We haven't seen the rally that will occur if the president gets half of the tax package on dividends.

And we aren't going back to where we were in October. We probably aren't going to Dow 12,000 anytime soon, but the more I look at these numbers, the more I keep thinking that Dow 9500 could be within reach by the end of the year.

thestreet.com
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