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Strategies & Market Trends : The New Economy and its Winners -- Ignore unavailable to you. Want to Upgrade?

To: stockman_scott who wrote (11325)	5/5/2002 10:00:17 PM
From: Bill Harmond	Read Replies (4) \| Respond to of 57684

All along I have operated under the postulate that this is a simple (in this case deep) cyclical tech bear market. The problem is now that the decline has gone longer (after the Fed started easing) that it has since the 1930's. The market is way oversold, yet tech stocks can't seem to sustain a rally, which leads me to think that there are secular forces at work. To me we are right at the tipping point where the market declares its future. If it continues lower now then I think we have tipped into a secular decline where financial assets lose share to hard assets, foreign investments, etc. Anything but tech becomes anything but stocks. PEG's of 1 or lower become targets. Heck, book values become targets. That's my worry. There's alot at stake in such an inflection. Let's hope for the better.