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Strategies & Market Trends : LastShadow's Position Trading -- Ignore unavailable to you. Want to Upgrade?

To: Investor2 who wrote (3843)	12/7/1998 10:02:00 PM
From: Thomas Sterner	Respond to of 43080

Watch List 12/8 Add: EFII 29 1/2 PHYN 10 7/8 PWAV 13 15/16 Still Bullish: CPQ 41 11/16 DS 40 9/16 MACR 28 1/16 SUIT 26 9/16 MUEI 20 15/16 NMGC 21 15/16 PAYX 52 1/4 YUM 49 3/8 Tom

To: Investor2 who wrote (3843)	12/7/1998 11:25:00 PM
From: Ira Player	Respond to of 43080

I'm not taking the position that it all falls apart in the next few days/weeks or even months. I'm saying that when it does drop, the conventional wisdom the day before will be "it's all up from here". Basic contrarian. When everyone has joined the bull, there is no money left uninvested. Who are the buyers? While the flow from defined contribution retirement plans provide a base of buy side bias, the S+P 500 has an average P/E of 30. Never seen before and unlikely to be sustained. Earnings must grow or ... My trading is very short term. (Actually, it is most of the time anyway) I'm close to pulling 401(k) to cash. Don't panic, but don't be complacent either. Ever vigilant ... Ira