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Yes, MSFT looking a bit blue in the gills. Also have a look at MER ... in
fact the whole broker dealer index looks a bit soggy.
Utilities are an interesting one because the utilities are supposed to lead
the bonds and the utilities are still headed down. BUT ... the DJUA PE ratio
is 49.49 (not a typo 49.49), earnings yield is 2.02% and the dividend yield
is 3.63%. Earnings 7.00 and dividends 12.57 ... could it be that a machete
is about to be taken to the dividends?
Or how about the Transports waiting to suck up all those big profits from a
booming economy ... PE an astounding 367.24 (and you thought the NASDAQ was
overvalued), earnings at 7.79 and dividends at 38.05 ... they've got to be
borrowing a ton to make the payout.
You got a quick interpretation of those TBill charts? I wonder how many
people know that there was a post-crash time when people actually paid the
government to take their money and keep it safe. Same thing happened more
recently in Japan.
Earl
----- Original Message -----
From: <chrischeatham@xxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Sunday, August 12, 2001 5:20 PM
Subject: [RT] Re: Markets
> Earl,
>
> I've had my eye on that one too. Also MSFT and IBM give me the same
> vibes. How bad does the Dow get if the three of them get walloped -
> down by half or more -- all at once???
>
> Also, look at a long term Dow Util chart -- looks like it finished 5
> of 5 of 5, etc.
>
> As to coupon clipping...I'll forward a tbill chart I sent to Tim's
> list earlier.
>
> Chris
>
> --- In realtraders@xxxx, "Earl Adamy" <eadamy@xxxx> wrote:
> > Do I spy the great mother ship (and biggest of the big cap stocks)
> heading
> > for a hard landing???????? Are there problems lurking in GE
> Finance????? The
> > weekly chart of GE suggests that the answer is yes. No wonder the
> guys on
> > CNBC are working overtime to talk up the market, their options must
> be
> > pretty deep in do do.
> >
> > Overall, my market horizon these days is a few hours. The basic
> technical
> > work I do with counts, regression channels, and symmetry is all
> surrounded
> > by mysticism. The market does not feel healthy and I suspect that
> if it does
> > manage to break above its range, it will get a sharp burst upward
> followed
> > by an unbelievable hammering. More likely I think, is an event or
> news which
> > drives it downward out of this range.
> >
> > Perhaps most striking to me is the utter complacency and lack of
> fear which
> > exists among market participants ... if only one has faith and
> patience,
> > Uncle Al will have everything fixed up and the good times will roll
> on for
> > another decade. I don't think it's gonna happen folks which is why
> (aside
> > from trading) I'm very content clipping coupons and thinking there
> might
> > just be a bonanza in gains if Goldilocks gets a real haircut.
> >
> > Earl
>
>
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