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Technology Stocks : Amazon.com, Inc. (AMZN)
AMZN 231.54-1.2%10:18 AM EST
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To: Mark Fowler who wrote (16033)9/3/1998 11:16:00 PM
From: Oeconomicus  Read Replies (1) of 164684
 
Now Mark, you know the market doesn't go down just because of valuations. ;-)

Thanks for the Marketguage link. I agree with your PE comment, but unless the recession is severe, I'd only look for it to drop to 20 or so near term (that'd be about 780-800). If earnings shrink due to recession, PEs could expand a little again (in a sideways or down market). If we avoid recession or when we recover from it, PEs will contract again as earnings rise faster than the market. Look at 1962 for the best comparison to current conditions.

Bob
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