Roger's 1998 Short Picks Message Board

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Strategies & Market Trends : Roger's 1998 Short Picks

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To: Roger A. Babb who wrote (17176)	1/22/1999 9:34:00 AM
From: Oeconomicus	Read Replies (1) of 18691

Roger, the difference in this dip in the internuts is the higher margin requirements many firms have imposed on them. Still, I'd expect a sharp bounce at some point. The question is where. AMZN and YHOO are still at better than three times their October lows and two times last summer's highs. Are there really any natural support levels anywhere near the current prices? That said, do you see the general market's decline continuing in a post earnings season letdown? We could test December lows (8700 Dow) easily in just a few days, but if we can hold that in the blue chips while the tulips die, I'd take that as very healthy long term. Earnings in the blue chips are actually growing again and the consensus on the Dow stocks is for better than 15% growth in '99. 8700 would put the Dow's PE on '99 earnings at about 19. Of course, the multiple on the S&P is a lot higher. Thoughts? Bob

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