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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: Suresh who wrote (34125)	9/9/2001 1:38:13 PM
From: Johnny Canuck	Read Replies (1) \| Respond to of 69370

Hi Suresh, I am having a hard time seeing the market at the top part of the range of 4000-5000 for a long time. It could be a decade before the E part of the P/E equation reach the levels required to justify 5000 if people go back to a more convservative valuation model. Then again the current environment shows that overreaction is still running wild as stock prices are now severely depresses over what I would consider proper valuation even given the poor visibility environment. About the herd psychology you might be right, I just saw a survey that said 65 percent of teenagers thought that they would be millionaires and most of them thought they would be millionaires by 40. That is pretty optimistic.