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To: tekgk who wrote (14658)3/6/1998 8:58:00 AM
From: Zeev Hed  Respond to of 18056
 
Tek, you are right, the valuation is getting on the high side with long term rate inching up. I counted on the long term rate going above 6% for my former forecast of a bad Feb. It did not come through. I do not think a major decline will start here despite the high S&P PE, the Put/call ratio is getting much too high for that. There must be quite a lot of silent bears.

Zeev