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Are you suggesting that the DJIA is not generously endowed with historically
high PE's which far exceed the growth rate of company earnings? If so, I
disagree - starting right at the top, GE carries a PE of 35 with an earnings
growth rate of 16% and the charts strongly suggest that GE would be
extremely fortunate to escape with another 15% hair cut to $38 and that's if
they somehow manage to avoid major defaults on all the industrial,
commercial, and consumer paper they hold.
Earl
----- Original Message -----
From: "Ira Tunik" <irat@xxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Wednesday, March 07, 2001 2:51 PM
Subject: Re: [RT] Morning update
> An analysis of the Dow is far from bearish long term. If it reatraced 60%
it
> would leave you in the 6000 area. Right now the Dow is moving down in a
very
> slight channel. Up until now it has been trading in a range from
10,300+/- to
> 11,300 +/-. That is a 10% range. Plenty of movement to trade in either
> direction and there hasn't been a free fall yet. The NASDAQ is another
story.
> They have taken greed out and shot it. They have proven the fact that a
> company has to make money to stay in business. I don't see anything in
the dow
> right now that Cocky Locky should worry about, and neither Greenspan nor W
can
> tell me that it shows that this country is going into economic disaster.
You
> can't expect a $20 billion dollar company to grow at 50% per year and
therefore
> carry that multiple. I am a technician, but even technicians have to
listen to
> reason once in a while. Good trading, Ira
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