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Strategies & Market Trends : Waiting for the big Kahuna
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To: Oeconomicus who wrote (19327)5/28/1998 12:46:00 PM
From: Bull RidaH  Read Replies (3) of 94695
 
R.D.,

So what you're saying then, is that P/E's were excessive prior to the '62 correction based upon the level of corporate earnings. Is that really all that different from where the market stood last August before the equivantly paralleled (in Elliott terms) correction?

Of course, that's not to say that P/E's didn't get even more excessive AFTER the '62 correction (64-66). And most would agree that P/E's are more excessive now than they were last August before the equivalent Cycle wave 4 correction. I think that famous saying should be changed to "History is doomed to repeat itself, and those who fail to understand history are doomed to failure." How's that?

Regards,

David
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