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To: Mark Fowler who wrote (80920)10/17/1999 11:45:00 PM
From: GST  Read Replies (2) | Respond to of 164684
 
Mark: Time for some rethinking on the direction of the market. This is NOT about the PPI. This is NOT about the next fed meeting -- if it was we would be on you plan to test support. This is about taking the major averages and discounting them substantially from where they are now to reflect the inherent risk of owning stocks -- all stocks, any stock and the stratospheric ones in particular. GE trades at what, 40 times earnings. Lets take that as a belleweather. When GE is trading at 20 times earnings or thereabouts, then we can talk about building a base for a new advance.



To: Mark Fowler who wrote (80920)10/18/1999 5:52:00 PM
From: GST  Read Replies (1) | Respond to of 164684
 
Mark: <The IIX has good support on the 50 and 200dmas.> I think IIX will retest 250 with about even odds of passing and failing the test. If it fails, we will probably see it fall another 50 to 100 points after that. BTW, this is my opinion, AG did not mention these levels on this index by name <g>. p.s. once this index falls apart, there is nothing to indicate it will ever recover -- and there is no obvious point beyond which it cannot move lower.


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