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To: pater tenebrarum who wrote (76358)	11/19/1999 1:55:00 PM
From: Imuah	Respond to of 86076

I've seen what you're referring to more than once. In my incessant naivity, I still sometimes fully expect stocks to pull back with bonds. An argument can be made that we are approaching a speculative blow-off, but I will have to feel the fireworks thud and thunder in my soul before I am convinced it is really here. There's just not enough insanity yet. Or maybe insanity has become sanity. The other day, I posted that the average P/E for SOX components on next years estimated earnings is only about 40 and earnings keep coming in good, witness AMAT. Barring some Saddam-type incident, it may take a whiff of a downturn in the economy to get people to sell. The only concerns I can see at present seems to be high oil prices and a tight labor market, but no evidence that the latter is having an effect on wages. The jury is still out on inflation. So, no inflation and good earnings. Following the KISS rule, which most people seem to be doing, it's buy, buy, baby.