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Pastimes : Ask Mohan about the Market

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To: Bonnie Bear who wrote (7748)	11/12/1997 10:28:00 PM
From: Zeev Hed	Read Replies (1) of 18056

The piper will be paid, but I doubt that he'll take a pound of flesh. JPM has a PE of 15, going at about twice book and a yield of 3.22% now and if interest rates do dcecline, I think their spreads are going to increase rather than decrease. If we have no recession here, I do not think they will go to a yield of 5% when treasuries are yielding 5.5%. The reason is that they are increasing their dividends and the treasury does not. So yes we have a way to go, but my tea leaves are slow, they see no more than about 6200 on the down side. Of course, my tea leaves have a way of changing and turning on a dime, and if we get into a severe recession, than even 4000 could be possible. I just think that good old AG will engineer another soft landing. The big CITI is definitely another story, and if it breaks late October intraday low (which I think it will) it could could go deep under 100 (first guess about 80, but it is just a guess). Zeev

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