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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: XBrit who wrote (35502)	4/8/2001 1:07:52 PM
From: Jim Willie CB	Respond to of 65232

you said it extremely clearly, better than I have yet to date / jw My guess: the Nasdaq for bears is now like it was for bulls around early 99. It's been deflated some, but has yet to do its inevitable over-reaction to significantly undervalued (on a historical P/E or P/S basis)..... I believe the Nasdaq will have to drop below 1000 for a short time before this is truly over. Bubbles are like that. The non-tech part of the SP500 ran up 200% from 1994-98, while GDP ran up maybe 30%, and it HAS NOT DROPPED SIGNIFICANTLY YET. The chart for that is at grantsinvestor.com. So I think the Dow has hardly started its mean-reversion process yet. Consumer spending is the rate-determining step in how fast that happens.