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To: orkrious who wrote (243117)	5/29/2003 5:55:05 PM
From: orkrious	Respond to of 436258

the buck slipped on the monkey's banana peel quotes.ino.com

To: orkrious who wrote (243117)	5/29/2003 6:00:09 PM
From: yard_man	Read Replies (1) \| Respond to of 436258

I'm sorry -- I misread that thing I posted ... he said he expects a swoon BY the end of the year -- not at the end of the year.

To: orkrious who wrote (243117)	5/29/2003 6:04:01 PM
From: yard_man	Read Replies (1) \| Respond to of 436258

from that article >>Bill Fleckenstein, a short-seller who manages Fleckenstein Capital Management, thinks the market is divorced from reality. But for now, he has "a couple of small short positions" only. Asked when he will return to shorting stocks, he said: "When it looks like you got a decent dollar rally out of the way. It will happen at some point," since the beleaguered greenback is down to four-year lows against the euro. Of the stock market rally, Fleckenstein said: "Is it getting crazy? Yes. But it can continue for a while. For now it's rock n' roll." Fleckenstein said the bar on corporate earnings is set low, and many companies are likely to meet lowered profit estimates for this quarter. The problem, he added, is that stocks are expensive relative to the underlying earnings. The Standard & Poor's 500 (CBOE:^SPX - News) index, at 955, trades at a high 30 times trailing earnings. This compares with an average of about 15 times earnings and with PE's below 10 at past bear market bottoms. "What will happen to year-end is that when people realize the economy is not rebounding, they will be disappointed and the market will get hit hard," Fleckenstein told Reuters <<