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Strategies & Market Trends : Steve's Channelling Thread -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (14868)	4/21/2001 2:30:47 PM
From: Zeev Hed	Read Replies (1) \| Respond to of 30051

misheldo, sorry, but to post on the fool board you have to be a member. Not interested. As to your friend question why we may still see the lows we have set earlier this months on the Naz (and even lower lows on the Dow) before we put in a bottom, the main reason is valuations, both the Naz and the Dow are still quite overvalued. I do not expect them to reach fair value during the current cyclical bear market , mind, you, but late next year and early in 2003, more rational valuations may prevail. One could argue that just as we had very unreasonable valuations last year we could get back there later this year. disagree with that notion. I believe we are in a relatively lengthy process of changing market psychology (see my post from last April on that subject exactly) with each cyclical bull in the next few years ending up with metrics that are lower than the prior one. Zeev