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I don't know if I should stop reading the Wall Street Journal or not.
Everyday I can find something that says the market maybe at a top.
Page C1 of Monday, Jan. 11 issue, " Value Judgment: Getting a Handle on
Stocks' Worth".
In the article it compares the valuation of the S&P to bonds. The
current yield of the S&P is 4% and the Bond is 6.6%. (S&P will have
operating earnings of $58.27 this year. Divide 58.27 by its current
level. = 4.%)
The end of the article should have been a wake up call for many
investors. Last year's gain in the S&P can be accounted for by just
eight ( 8 ) technology stocks. " Indeed, 230 of the S&P 500 stocks are
below their level of two years ago."
I know, I've read somewhere before that this is what happened in 1929.
I just can't find the book or page #.
Lets see what happens.
Joe Frabosilio
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