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To: robert b furman who wrote (12161)	5/4/2011 9:03:52 AM
From: Return to Sender	Read Replies (1) \| Respond to of 13403

OT: Shorting stocks should make you nervous Bob. That said to think that valuations are low now is only about 1/3 true. The P/E ratio on the S&P 500 is almost 24. This is no where near a historical low for the market. When we get there (S&P 500 P/E below 10 - Mayeb as low as 5) that's when you want to be all in on the long side. Gas and other commodity prices are at, or near, all times highs. The budget is a mess. Thinking that interest rates can remain artificially low while we print enough dollars to leave them absolutely worthless forever is ludicrous. I realize that I could be wrong about there being a great time to short stocks after we form a market top. A top that may not be that far away. But you cannot look at a very small section of the market (semiconductor equipment stocks) and their valuations as a true barometer for overall valuations. You have to look at the market as a whole using a broad historical view. JMHO, RtS