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

To: Stephen who wrote (52975)	6/3/2000 2:59:00 PM
From: UnBelievable	Read Replies (2) \| Respond to of 99985

I Didn't Mean to Imply It Is Impossible to Land a Bubble In fact, when the NYT first quoted Franco Modigliani as saying that this was a bubble and that bubbles always burst I wrote the editor making two points: -In the context of his work on efficient markets how did he know it was a bubble, and -Why can't it be thought of as a balloon out of which air could be slowly allowed to leak. Since then, about three months ago, I've spent more time watching the US Equity markets. My own conclusions have been: - that by any useful economic measure stock prices are dangerously high, and - the problem you face slowly deflating the market is that as market participants recognize that that is what is happening they will exit the market. It is very difficult to get people to walk, not run, to the nearest exit.