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

To: yard_man who wrote (16085)	2/5/2003 2:01:26 PM
From: Terry Whitman	Read Replies (1) \| Respond to of 19219

I don't know about that. The only variable involved is the length of the bearish period. Of course one has to also assume that 4 yr. cycles occur. Yes 20 samples is small, but not completely useless, as you suggest. What I'm really tired of is bears using the average P/E ratio at market lows to 'prove' we're nowhere near bottom. That calculation is even MORE problematic, because there are 2 variables, and since it's a divisor, the resultant can go to infinity as the E goes to zero- rendering the whole exercise moot.