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Strategies & Market Trends : Market Gems:Stocks w/Strong Earnings and High Tech. Rank -- Ignore unavailable to you. Want to Upgrade?

To: kha vu who wrote (57305)	8/24/1999 2:10:00 PM
From: Susan G	Respond to of 120523

from Briefing.com Updated for: 24-Aug-99 General Commentary: This is a market without a conscience... Rally to a new high on the Dow (+199 at 11299.76) with an FOMC meeting looming... Simply a reiteration of this bull market's long-standing doctrine of valuations not mattering, so long as companies are producing bottom-line growth... But we must consider the authors of this dogma... They are the very individuals and institutions with the most to gain from continuation of the bull: money managers, Wall Street analysts and their firms... So should come as no surprise that the talking heads are touting Dow 12,000+ by the end of 1999.... With Dow and Nasdaq both having added more than 20% year-to-date, compared to the Russell 2000's less than 4% advance, it is clear that momentum has supplanted value as the prevailing investing style... Indeed, we have moved into a new era, one in which most investment analysis is no longer objective, where analysts who aren't willing to play the hype game are shown the door and where companies with the most obscene ratios replace industry bellwethers as valuation benchmarks... The objective here is not to bash everyone with a bullish stance... This analyst is simply disclosing the new rules of the game, as these are changes one must grasp in order to thrive in this market.