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hello
just finished my work on sp500
next major low cash is 1124.36
as for Monday. we should have a bounce of a low cash 1152-1153
close aprx 1158-1159
----- Original Message -----
From: "Bob Fulks" <bfulks@xxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Sunday, August 19, 2001 1:02 PM
Subject: Re: [RT] Markets
> Ed Yardeni of Deutche Bank Alex Brown shows the SP500 as still about 10%
overvalued as of end of July. It has dropped about 4% since then so that
would be about 6% overvalued as of now.
>
> (See attached GIF from www.yardeni.com/public/val.pdf)
>
> Part of his is Sunday morning message is appended below.
>
> Bob Fulks
>
> -------
>
> Sunday morning, August 19, 2001
>
> <snip>
>
> In our StrategyFax #672, Debbie Johnson and I observed that the 12-month
sum
> of layoff announcements, as compiled monthly by Challenger, rose to 1.3
> million in July, the highest reading since 1992. Many of the job losers
are
> skilled and knowledgeable employees with relatively high-paying jobs. They
> are probably receiving some severance pay. This might explain why
> unemployment insurance claims have remained surprisingly subdued. In the
Old
> Economy, laid-off workers went back to work for the same company in the
same
> job once business improved. In the New Economy, layoffs are permanent, so
> companies are delaying cutting payrolls as long as they can. This is one
> reason why the profits and tech/capital spending recessions are so severe.
> But if profits don't improve soon, layoffs could mount at a faster clip,
> wage gains could be diminished, and year-end bonuses might be very
> disappointing.
>
>
>
> To unsubscribe from this group, send an email to:
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>
>
>
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>
>
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