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I'm surprised that the market is holding as well as it is today. I'm
now 95% cash until I sense that I know the direction either short,
intermediate or long term. Right now, I'm neutral and I won't dump
money into a coin flip. PE's are high based on average earnings over
any recent time frame of 2 or more years but low based on current
earnings which I doubt are sustainable. I would like to see another
5% correction from DOW 14,000. But, if the market begins trading up
on lightly positive news, I will begin entering again. I still like
the material equities but with people thinking globally now, thoughts
that the world economy may take a down turn will drive these
companies down further. Fundamentally, I can make a case for either
direction so for me, it's time to clean up my fishing tackle. Hope
all of you have good catches.
Bob
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