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To: The Perfect Hedge who wrote (39216)	4/13/1998 12:23:00 AM
From: Patrick Slevin	Respond to of 58727

Japan, Hong Kong, Malasia, Singapore all up pretty good. Especially Hong Kong. Now what? I guess I have to check Yahoo!., but I suppose the tax cuts were followed up by some other bullish stuff. Do you know of any news? Hokey Smokes Bat Person. The Bond is down. What the heck is going on?

To: The Perfect Hedge who wrote (39216)	4/13/1998 12:32:00 AM
From: Patrick Slevin	Respond to of 58727

I hate Michael Metz, he's such a tool. Any way, my early guess is that it would be wise to short this early Monday rally. But if I lose doing that I'm walking away from it quick. In any event, here's some stuff from Yahoo! ~~~~~~~~~~~~ Michael Metz, chief investment strategist for CIBC Oppenheimer & Corp. said traditional stock valuation criteria no longer apply. "At this stage of the euphoric market, professional money managers have found that every sale of an overpriced stock has proven to be a mistake, and holding cash has penalized their performance and therefore, they are unwilling to sell," he said. "Even with the market now worth $10 trillion, it has become very easy to move stocks higher because of this unwillingness of money managers," Metz said. Does that mean investors should be cautious? "During the '60s and '70s -- the years of the Nifty Fifty, which were a group of popularly held stocks -- the prevalent idea was that people knew the companies' growth would go on forever and it did not matter what they paid for them," he said. "The conclusion was an absolute disaster and it took 10 to 12 years for some of the Nifty Fifty companies like Coca-Cola, Avon Products and Xerox, to recover," Metz said. Between November 1968 and May 1970, the Standard & Poor's 500 stock index plunged 36 percent and that was followed by another wave of panic selling that wiped 48 percent off the market's worth between January 1973 and October 1974. There has not been that kind of shakeout in more than seven years but investors are still looking over their shoulders. Some blue-chip stocks are trading at record P-E ratios. General Electric Co. and Procter and Gamble are each selling at 35 times expected earnings. Pfizer Inc. trades at an eye-popping 60 times earnings. Are investors financial geniuses or just optimistic fools? Only time will tell.