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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Tom Pulley who wrote (83494)	10/28/2002 11:14:13 PM
From: bobby beara	Respond to of 99985

Well, we have had a historic bull market, it shows up in that chart, since the 1982 bottom, we had no yearly closes below the previous year until now, we may be now in a historic bear market, i believe we haven't seen the top of this cyclical upturn, but i wouldn't bet all my chips against this strong downtrend on the weekly and monthly charts. I read recently Forbes columnist Ken Fisher says that there is actually no statistical correlation between PE and future stock performance>>> from that chart I posted you can see that's not the case, it's just a matter of timing, and timing turns based on p/e ratios can be off by half a decade or more. I think we will probably see p/e ratios at the low end of the range, but it may take a decade to get there.