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Pastimes : All Clowns Must Be Destroyed -- Ignore unavailable to you. Want to Upgrade?

To: fut_trade who wrote (11188)	2/20/2000 9:57:00 AM
From: Oblomov	Respond to of 42523

Peter, I think that the narrowing in this case is a result of indexing. Money is simply being dumped into the largest stocks without any regard to valuation. The question is, what event will make people nervous enough that they decide to pull out of their index funds? J6P has driven this market to absurd heights, and I believe that J6P will drive it down as well... but the institutions will get out first. The euphoria surrounding this market is pandemic. When the market finally cracks (whenever that may be), sobriety will eventually reenter the minds of the market participants. This could be a quick process, or a lengthy one.