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Strategies & Market Trends : Roger's 1998 Short Picks
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To: Don Westermeyer who wrote (13248)8/28/1998 11:53:00 PM
From: Oeconomicus  Read Replies (2) of 18691
 
Don, on the point about 7-10% undervaluation, did she give any basis for this calculation or just through it out there as her opinion without supporting arguments? The reason I find this interesting is that, if you figure the Dow was probably around 8100 or so when her statement came out today, 7-10% would put her "fair value" at 8670 to 8910. I seem to recall comments on Monday or Tuesday from her that her year end target is 9300 on the Dow (of course, at 9300, she surely had a higher target). Seems that she is gradually lowering her targets - to levels significantly below where she was proclaiming that all was well with the bull market - yet still not admitting that anything has changed other than "sentiment". Does she really still think corporate earnings will rebound in the second half with further boom times next year? Does she really believe that the US is immune to the drag of recessions in much of the rest of the world? Did she forget one of the first things a serious student of the markets and economics learns - that markets lead the economy, not the other way around? Or does she just think the sheeple will buy just because she throws out some statement about the market being undervalued?

Abby will go down with the ship.

JMO,
Bob
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