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

To: Craig Richards who wrote (25176)	9/8/1999 11:42:00 AM
From: pater tenebrarum	Read Replies (2) \| Respond to of 99985

Craig, if you look at a graph depicting how the NAZ p/e has evolved over time, you will notice that it has simply gone off the charts in recent years and it is no big secret that p/e's have expanded at a far faster clip than earnings since '94. this is no wonder, as money supply has expanded by 200% in the last decade. excess liquidity always finds it's way into the markets... unfortunately i couldn't find the chart on the investech site anymore, otherwise i'd have provided a link to it. but trust me, it looks even more incredible than a mere price chart of the NAZ. regards, hb