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Non-Tech : Dorsey Wright & Associates. Point and Figure -- Ignore unavailable to you. Want to Upgrade?

To: Shaw who wrote (8136)	5/23/2000 8:13:00 AM
From: wlheatmoon	Read Replies (1) \| Respond to of 9427

Shaw, I can't believe that I am alive on earth at this time in history. whereever you are, there you are. it doesn't matter if you're alive today, 300 years ago,,or 200 years from now. i'm happier than pig in slop to be alive right now, too...but i'd be happier than pig in slop to be alive 200 years ago as well. the market is like a patient with bipolar disorder....it is full of mania and depression....fear and greed...no more and no less. joe b. is full of crap. his valuation models make no sense. he has no valuation model. he's a buy buy guy. he's a typical buy the mania mouthpiece without a single original thought. hope you're not joe b. with an alias...-g- the technologies that you speak about are amazing for sure. that doesn't mean that qcom should run from 70 to 800...what sense does that make? none. the market is not about rationality. it cannot be. money is about emotions. rationality sets in when the sector matures and you get companies like GM with great earnings and a pe of 8-10. what sense does that make? sure, GM isn't going to grow nearly as fast as other technological companies, and it shouldn't be priced like a pile of scrap, but that's the market. QCOM has a PE of over 100 and that's only because it received a knee to the groin. where should it be priced? well,,,for the efficient market theorist,,,it is fairly priced as we speak and it is fairly priced at 20 and at 800,,,because the market is never wrong. so...what do you say to the guy who bought QCOM at 200? to buy more? when does he get his money back? and if he's on margin, he's done. that's why there's no rationality to this market. it's driven by emotions. technological advances and making money in this market are not always the same. the best technology does not always win. valuations don't matter until they do...then we get back to trying to figure out what exact valuations are fair. who the heck knows? we can always rationalize it one way or another. again,,,that's where technical analysis becomes important. it gives one a when and where to buy. fundamentals give you the why. good luck. mike