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Politics : Idea Of The Day
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To: IQBAL LATIF who wrote (23309)2/9/1999 10:04:00 PM
From: J.T.  Read Replies (1) of 50167
 
IKE, Thanks for the great work on support and resistance levels and excellent macroeconomic view. S & P 500 Price Earnings ratio has been trading between 32.17 and 33.60 since December 23 except for 1 day on Jan 14 fallout when P/E ratio was 31.82. Today S & P 500 ratio is below 32 again and we have not had 2 closes below 32 since Dec 21 and Dec 22 when P/E was at 31.6 and 31.58 respectively. With BXK and TRAN and SOX doing the negative tango and breaking support, my feeling is we have another 5% to 7% to go on this market adjustment before we get a better feel for leveling out. Thanks for all your help and keep up great work. JT
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