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Strategies & Market Trends : Bear!
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To: Ming who wrote (125)7/9/1998 8:28:00 PM
From: Les H  Read Replies (2) of 271
 
Effect of Asia on earnings is quite big. This quarter's earnings
growth for S&P 500 is expected to be around 2.3%. That is a big
drop from more than 10% of last year before Asia.

It's also hardly isolated. The most prominent sectors affected
are manufacturing and industrial materials. In the market, the
semiconductor stocks, on average are down 35-40% since last fall
(ref. SOX index). The oil drilling and oil services sectors,
the chemicals sector, and other heavy industrial sectors are
hit.

I don't predict a bear market or a bull market. There are always
cyclical ups and downs each year regardless of the secular trend.
Even in the "bear" market 70's, the Nasdaq was up 11-fold from the
lows.
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