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

To: Crimson Ghost who wrote (15750)	5/13/2001 10:56:27 AM
From: Zeev Hed	Read Replies (4) \| Respond to of 30051

Georg, overvaluation by the Fed's standard is far from a "sufficient" condition for the S&P falling, we had according to that standard overvaluations in the 50% range before. This is particularly true when earnings are in the process of declining, while future expectation (sooner or later) of increased earnings may put a floor under the index. However, when other technical indicators point to further retrenchment, the overvaluation of the S&P makes it easier for prices to fall. (g). I am staying with my bearish outlook, and it seems the scenario is still developing according to "plan". Zeev