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Strategies & Market Trends : Roger's 1998 Short Picks -- Ignore unavailable to you. Want to Upgrade?

To: Oeconomicus who wrote (12679)	8/13/1998 12:57:00 AM
From: Don Westermeyer	Respond to of 18691

Bob, I am just jealous I missed out on the GCTY IPO. It must have only been on the E*Trade IPO board for a single day. Really the only thing holding the market as high as it is is all the liquidity flowing into stocks. I think the slow down in corporate earnings will wake up the market one of these days. Heaven help the dipsters is inflation actually shows up again. I hear the 2% decline in the DJIA is being referred to as a 'bloodbath'. <g> FWIW - 16 years ago the average stock sold for 7 times earnings (agreeably underpriced). Now the average stock trades with a P/E of about 30. And they you have the internuts.... Of course there are a lot of 'scam' stocks to short these days that never would have been on the exchanges in a more conservative market. I guess expensive is a relative view. Hongkong Bank is now considered 'expensive' with a P/E of 9.5. HSBC Holdings lost HK$6.00 to HK$151.00 in early trade. Hongkong Bank (HSBC) is still expensive, trading at around 9.5 times price earnings multiple, and there are also concerns about a weak yen, which will affect Europe and earnings of European banks,'' said Peter Lai, associate director at OCBC Securities. biz.yahoo.com My only regret (after seeing GLOBEX down tonight) is covering stocks too soon that I new I shouldn't have done and need to look for new candidates. Actually I may short GTSG (found in a short sellers column in a newsletter). However, it seems to be a story stock and we know how those can go. They loose enough money to make AMZN look profitable. :)