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Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: Wyätt Gwyön who wrote (1260)	12/5/2000 5:59:05 PM
From: Erik T	Read Replies (2) \| Respond to of 74559

Fischer said stocks had reached a "permanently high plateau". Famous last words. And the glamour stocks of the late 1920's had P/E's only into the 40's and 50's. Those would be considered value stocks by today's standards. A pretty incredible day for stocks. Everyone was waiting around for the political "uncertainty" to shake out. Every "investor" I know has been running around the last couple weeks parroting the phrase "The market hates uncertainty." Everyone knows that because bubblevision tells us that. So Gore's court defeats alone were reason to push equities higher. But that wasn't enough for Greenspan. He actually had to come out with a speech defining that slower growth is now a bigger threat than inflation, so now the pundits can tell everyone the Fed will ease rates prospectively. That just put fuel on the fire. Now if Greenspan was bent on propping up the markets I would have guessed he would have spread out the cheer. He should have saved the possible change of Fed policy stance for another time when the markets are looking feeble again. Strange timing IMO. Did he really want an explosion like he got today? Erik