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Pastimes : Ask Mohan about the Market

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To: Zeev Hed who wrote (7415)	11/7/1997 11:58:00 PM
From: Bonnie Bear	Read Replies (1) of 18056

Zeev: we have started to see the inevitable result of a decline in tech stocks that should grow in a few weeks: we will see an increase in layoffs, reduced consumer spending, and increase in foreclosures. As the asians continue to sell off their huge holdings of stocks the markets will go down. So I'm set up as a sell-and-hold investor: I hold mutual-fund short portfolios that short techs and smallcaps, RYURX (S&P short) bought at 980, a few overvalued shorts matched with undervalued longs, and short-term SPY short I bought at 935. Nothing radical here, and I can short-term trade MDY long if bullish tendencies show up. I'm not so confident of interest rate direction. The stream of pension-plan money will continue unabated so companies will have to create value through dividend increases, mergers and acquisitions, and layoffs. And an occasional large kahuna will come through to claim some profit for the bears. I like to use SCH as a proxy for the mutual-fund growth prospects and financial sector overvaluation, SCH at p/e of 40 is high.

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