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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: dennis michael patterson who wrote (25107)	9/8/1999 7:18:00 AM
From: Benkea	Respond to of 99985

Wednesday September 8, 7:02 am Eastern Time Uk's Ftse 100 Extends Loss, Down 58 Points or 0.9 Pct After Surprise Uk Rate Rise Ah, the affects of rising interest rates, but it has produced a nice move in the pound: mrci.com

To: dennis michael patterson who wrote (25107)	9/8/1999 9:01:00 AM
From: pater tenebrarum	Respond to of 99985

Dennis, the tech stocks you mention have all had parabolic rises, and there may be more to come. however, the market caps are by now clearly disconnected from the fundamentals and in my opinion the risk/reward equation is not all that favorable anymore. i'd be prepared to buy the leading tech names, but only after a substantial correction. right now they're in GAGA land as Haim likes to put it. yes, it was wrong to be a tech bear for the last six years and it may continue to be wrong to be one for a while yet. but believe me, the day the bears will get it right is drawing closer. the expansion in tech p/e's is way ahead of the expansion in earnings and they have all become crowded trades...a sizeable correction is virtually inevitable. regards, hb