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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 683.31

0.0%

Nov 12 4:00 PM EST

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To: briskit who wrote (13744)	5/13/1999 9:07:00 AM
From: Lee Lichterman III	Read Replies (1) of 99985

I think the 64/60 stuff was just technical bounces onthe way down. The TYX closed around 58.2 so the drop to the 57.5 area is what I was talking about and it was dropping as I wrote so I did not know it was going to stop there, it could have conceivably kept going to the 5.6 or 5.5 area. The context was mainly meant that with the TYX lower, we can inhale some glue and drive PE ratios to the moon again. Each time we huff, we seem to pass up the old models and if a 5.5% rate justified a S&P PE ratio of 25 then the next time we drop to 5.5%, it seems to justify an S&P PE of 35 etc. Irrational ______bance, in other words, forget the shorts for now because the NASDAQ is probably going to go touch my top trend line now. <ng> Good Luck, Lee

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