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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: SliderOnTheBlack who wrote (34028)1/3/1999 10:09:00 AM
From: Crimson Ghost  Read Replies (1) of 95453
 
Slider:

Y2k plus the incredible overvaluation for large cap "nifty-fifty" and internet stocks are the primary reasons I expect the major averages to drop at least 30% from their probable spring peaks. Next fall will be another great buying opportunity IMHO, but there will be blood in the streets before the bottom is in. Economist Ed Yardeni -- correctly and wildly bullish for many years -- expects the market to drop 30% even if the Fed cuts rates a lot further. I expect the OS stocks to hold much better than the overall market, but they are unlikely to buck the trend unless oil prices rise quite sharply -- especially if we get the nice first quarter run many of us anticipate.

To give an idea of how absurd valuations have become -- AOL and Yahoo have a combined market cap of about $100 billion. Probably greater than the entire OS industry.
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