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Ben,
FWIW a fib expansion of the 7-24-01 low to the 8-2-01 high comes in at
1127.75 on the Sept sp500 futures which would be about right with you
1124.36 sp500 cash if we get there.
don ewers
----- Original Message -----
From: "profitok" <profitok@xxxxxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Cc: "Vincent DONOVAN" <vdonovan@xxxxxxxxxxxxx>
Sent: Sunday, August 19, 2001 3:18 PM
Subject: Re: [RT] Markets
> 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:
> > realtraders-unsubscribe@xxxxxxxxxxxxxxx
> >
> >
> >
> > Your use of Yahoo! Groups is subject to
http://docs.yahoo.com/info/terms/
> >
> >
>
>
> To unsubscribe from this group, send an email to:
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>
>
>
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