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To: AllansAlias who wrote (18147)	9/13/2000 10:39:14 PM
From: pater tenebrarum	Respond to of 436258

perhaps it would make more sense trying to identify the downside leaders? just a thought. imo for any of these incredibly overvalued stocks to embark on another wild rally, we'd need total profligacy from the Fed, i mean they'd have to open the floodgates literally. certainly it will be a lot harder to justify any more rallies from current levels on fundamentals. the fundamentals in fact will take years to catch up with these prices...in some cases not even the best case scenarios seem to justify current levels. earnings growth has been quite spectacular at many of these cos, if inflated by means of all sorts of accounting shenanigans, but p/e expansion was still the main driver behind the rallies. so where are p/e's supposed to go to? how does any of this make sense? the answer is of course, it doesn't. good night!