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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club -- Ignore unavailable to you. Want to Upgrade?

To: marc ultra who wrote (8249)	8/30/1999 4:04:00 PM
From: Kirk ©	Respond to of 15132

Low volume today - prices go down. no surprise. Housing numbers... New home purchase decisions were probably made months ago, perhaps when the market peaked in May and cash was taken out (profit taking) to buy a nicer home (I bought an air conditioner, new furnace and a new custom sailboard with some of my profits. Also got some GNMAs the day rates hit 6.25%) in the summer when most people buy homes and local real estate markets peak. Well before first of two fed rate hikes can show their effects. Most here know that it takes many months for the effects of a small interest rate hike to work its way thru the system which is why Greenspan does it slowly. I go with Abby....10% from S&P500 trading range of 1300-1350 by next summer. Gives p/e of about 24.5 on next yrs earnings at present levels.