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Pastimes : Ask Mohan about the Market

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To: Brad Bolen who wrote (8575)	11/19/1997 3:31:00 PM
From: Tommaso	Read Replies (1) of 18056

I agree that it looks very strange. Maybe it's a "flight to quality" from speculative to what are thought to be "safe" stocks. I use the quotation marks because I think everything is overpriced. From Tice's commentary at the Prudent Bear site a couple of days ago: We expect a decline in corporate profits to be caused by this condition of excess capacity far exceeding demand. We expect this to occur first in the high tech sector. There has been massive capacity built in the high tech area and now demand is beginning to slow down. Intel has already started to signal a slowdown in 1998 earnings. We believe that once investors realize that the high tech sector will not report the stellar earnings growth that is expected, this will exacerbate the stock market decline.

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