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Strategies & Market Trends : News Links and Chart Links

SPXL 225.98

+1.9%

Dec 10 4:00 PM EST

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To: Les H who wrote (9546)	12/27/2003 12:31:50 PM
From: Les H	Read Replies (1) of 29602

Oil price trend may surprise next year theglobeandmail.com Birinyi Associates says that a basket of the 100 largest stocks in the United States is trading at more than 66 times trailing earnings and 37 times projected earnings — high by any standard. According to Morgan Stanley's Steve Galbraith, the market in 2004 will be "caught between bear and bull" and "trapped in P/E purgatory." Thomas McManus, meanwhile — whose forecast for 2003 was fairly close to the mark — says the S&P will end 2004 more or less where it is now, at 1,100. "Stocks no longer offer the kind of compelling risk/reward opportunity that justifies such an aggressive equity weighting," he said in December, as he adjusted his recommended portfolio allocation down to 70 per cent from 75. theglobeandmail.com

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