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IKe, Maybe we should throw this "bhumbooree" baby out with the bath water. The clock has not struck midnight yet. "B' will come when she comes, but not before SANTA CLAUS gives us one more rally. On a more serious note, nothing gets me more stirred up than rallying around the American Flag. SAAAAADOM has put a heavy price tag on his head. As you know, here is the long and short of it. The markets want a quick get in, get out strike with SAAADOM's head on a silver platter. That is utopia and the ultimate military mission. But it is not that easy. We will take out all the sites of weapons of mass distruction facilities, but getting Sadaam is another thing. The markets can and will rally tomorrow and into early next week. But if this thing gets dragged out beyond that, the only thing that will prolong the market party is SAAAADOM's head. The S & P as you know is trading at 30.5 times 99 trailing p/e. WAY TOO HIGH FOR EARNINGS VISIBILITY going forward .Historical p/e highs are unjustified. Adjustment will come, to be sure. But not just yet. 50/50 chance of NEW HIGHS ON DOW (9600 area) and other indices b/w now and end of January. Beyond that, we have too many other problems to deal with: RUSSIA, BRAZIL, IMF LOANS, Yield Spreads, Y2K, and DEFLATION. IKe, I must say you are getting better and better than the best each day and your ability to separate yourself emotionally from the markets and QUEEN ABBEY makes you #1 in my book. Your faithful prodigal brother, JT |
