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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA -- Ignore unavailable to you. Want to Upgrade?

To: Dan Duchardt who wrote (15785)	1/13/2003 1:14:32 AM
From: mishedlo	Read Replies (1) \| Respond to of 19219

Just what insane PE are you using? Or are you. PEs go to the mean and the index will be at whatever price that is. Right now, PEs are anywhere from 50-66% too high. Fair value on S&P is a minimum of 50% lower. Let's not even discuss the Naz PE, cause it does not even have one. On any kind of historical basis, stocks are way too high, PEs and dividends way to low. We dont even use real PEs anymore, they are pro forma, excluing items to boot, do not include the effect of stock options, or the affect of underfunded pension plans. The entire thing is a joke if anyone thinks there is value here on any kind of rational basis other than the greater fool theory. M