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From: lrogers@boris.webo.dg.com (Larry Rogers)
Subject: Re: Dow headed through 4000, whee!!
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In-Reply-To: SSgalana@bnr.ca's message of 25 Aug 1994 21:52:59 GMT
Date: 29 Aug 94 17:01:33
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Well, this may be a sucker rally.  But as one cartoon I just read said
"Are they all sucker rallies?"  

We have to look at this objectively.  If the market rallies to new
highs, then it has rarely in history corrected rapidly from that
recovery.  Most of the averages are now above their 200 day moving
averages, which is technically bullish.  This market has shown
remarkable resilience, but not enough of the speculation has been
taken out.  Stocks like PRST have no business near 200x earnings.  And
I don't care how good people tell me America Online is; that puppy is
way overvalued.

But there are alot of good values out there and those excessively
valued stocks can correct without drawing down the solid stocks along
with them.  I think that will be the next wave of the correction.  The
final cleaning out if you will of the stocks trading at 40+ times
earnings.

But then what do I know?  I was bullish at 3980 and bearish at 3600.
Now, all I can admit to being is confused.

Larry
--
    @@               Larry Rogers               *
   @@@               larry_rogers@dg.com        *   Big Brother
   @@@ &&&           Data General  508-870-8441 *   is Watching
    @@ &&            Westboro, Mass.            * 

The opinions contained herein are my own, and do not reflect the
opinions of Data General or anyone else, but they should.

"Sometimes we are the windshield, sometimes we are the bug"
   Dire Straits
