Bear! Message Board - Msg: 5343131

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Strategies & Market Trends : Bear!

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To: Les H who wrote (137)	7/28/1998 10:26:00 PM
From: James Clarke	Read Replies (1) of 270

Is this the big one? The market looks EXTREMELY weak to me, and it is still fairly close to an all time high. Monday the Dow was up 90 points, but there were 12 new lows for every new high (52 week period). The gains have narrowed to a handful of stocks we can all name, and they all look overvalued from any but a new paradigm perspective. Everything else is still falling. Earnings were up low single digits in the latest quarter, yet the back end of the year is estimated to be up about 10%, and 1999 is estimated to be up in the mid-teens. Why? I see no reason why this magical turnaround is going to come, and that is especially troubling for the market because the current low profit growth has not effected the market valuation. We won't know until it happens, but this may be the big 20%+ drop we've all been waiting for. Yesterday, Morgan Stanley's highly respected strategist predicted a bear market for the rest of the year.

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