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Strategies & Market Trends : Sharck Soup -- Ignore unavailable to you. Want to Upgrade?

To: besttrader who wrote (24173)	5/21/2001 5:21:17 PM
From: Softechie	Read Replies (2) \| Respond to of 37746

I can help: 1. HAHAHAHAHA. 2. ha ha he huh. 3. hmmmm. 4. Oh it's nothing. 5. It's a joke right? 6. What the heck! 7. What the hell!!! 8. What the f*!!! 9. You mer f**er!!! 10. Oh sht I'm dead! What the f***!

To: besttrader who wrote (24173)	5/21/2001 7:19:57 PM
From: GREENLAW4-7	Read Replies (1) \| Respond to of 37746

"Bubble: The Sequel (copied from comstock) In a partial return to the speculative conditions that existed prior to March 2000, investors have decided to ignore prospective corporate earnings and the deteriorating economy. In deference to the powerful upward move we are moving our market meter from its maximum negative position of minus 10, where it has been for more than a year, up to the less negative position of minus 5. This means that we still strongly believe that we are in a bear market, but that investor perception can drive stocks higher before a return to reality sets in once again. We want to make it clear that we believe little or nothing has changed except for investor perception that the glass is now half full rather than half empty. The bulls believe that aggressive Fed easing will turn the economy around shortly and that now is the time to play the coming economic rebound. In our view the market still has a number of serious problems such as extremely high valuation, a continuing deterioration of the economy and corporate earnings, and the lack of investor capitulation. None of these factors resemble the conditions that existed at past market bottoms. Past market bottoms have taken place when investors shunned stocks and valuations were cheap. At post-war market troughs the average price-earnings ratio was 11 as opposed to the current ratio of 28 times estimated 2001 earnings. This valuation is not only high for a bottom, but actually exceeds the valuation posted at every prior peak of the past century, including 1929. The economy, if anything, is getting worse rather than better. The technology plunge is so deep the government is having trouble keeping abreast of the statistics. First quarter technology production, originally reported as up 5.1%, has just been revised to down 4.3%, quite a big miss. This alone took total industrial production for the quarter to minus 6.5% from the previously reported 4.7%. Earnings estimates going foreword are still getting worse with First Call’s consensus estimates continuing to drop at an average rate of one-half of one percent per week. Investors are betting on the estimate showing an 8.3% earnings increase in the fourth quarter, but this was over 12% not long ago, and at the current rate of decrease, could turn negative before the quarter starts. The first three quarters of the year all carried far higher estimates before turning negative. The outlook for technology is much worse and there are no signs of any order upturn at this time. In fact most corporations are still cutting back capital expenditures, labor and expenses across the board. When we add in increasing energy costs, the electricity situation in California and declining economies across the globe, we think that the economy is in far worse condition than is reflected in this highly overvalued market. © 2000 Gabelli & Company, Inc. All rights reservered. Member, NASD and SIPC. Shares of the Comstock Funds are only offered for sale in the United States. The materials in this website are not an offer to sell or solicitation of an offer to buy any security , nor shall any such security be offered or sold to any person, in any jurisdiction in which such offer, solicitation, purchase, or sale would be unlawful under the securities laws of such jurisdiction. Please call 1-800-GABELLI (1-800-422-3554) or your Advisor for a free prospectus for the Comstock Funds, which contains more complete information on the Funds, including management fees, charges and expenses. Please read it carefully before investing or sending money. © 2001 Comstock Partners, Inc. All rights reserved.