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Pastimes : Ask Mohan about the Market -- Ignore unavailable to you. Want to Upgrade?

To: Zeev Hed who wrote (7741)	11/12/1997 9:15:00 PM
From: Jack Clarke	Respond to of 18056

Zeev: I have learned rapidly to respect your analysis and comments. Thanks. Jack

To: Zeev Hed who wrote (7741)	11/13/1997 12:40:00 AM
From: studdog	Read Replies (1) \| Respond to of 18056

Zeev: I am in agreement with your scenario. I have just been hoping for a valuation correction and it appears to be happening. I would consider S&P at 830-840 to be approaching fair value (based on Fed valuation model and 15% correction). I'll start covering some of my SPY shorts at around 870 and will start using up my cash as soon as I see true bargains (like chip companies selling for book, CY getting there now 1.6 x book). For now though, even some of the hardest hit stocks look too expensive (semi-equips at 3-5x's book). I truly hope some of the dire scenarios on this thread do not play themselves out. Karl