Vince Farrell
Vince Farrell
corporate economy market profits recover sooner stock telling
What the stock market is telling you is that the economy and corporate profits are going to recover sooner than thought.
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I think it's going to be a difficult year. We're undergoing a change. I think the markets will broaden and some tech stocks will suffer. In my opinion, they've reached a point of absurd valuation. These stocks are going to give up the ghost with money going into other stocks.
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But nobody wants to hear about gains over the next couple of years,
fully stocks ways
I think we have a ways to go on this. Stocks are fully valued.
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I think you ought to take advantage of whatever rally, if you have one today, to trim whatever holdings you have that may be a disproportionate percentage in your portfolio. You know, I've been negative on the very richly priced high tech, not all tech, but the very richly priced high tech, and I don't think it is too late to sell these.
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I think what really triggered the rally was the surprise cut by (Federal Reserve Chairman Alan) Greenspan in interest rates. But earnings have been good enough to continue the rally. Now the concern going forward is: Can earnings grow in 1999.
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We had a euphoric day yesterday because the market thinks Mr. Greenspan is going to be benign today,
lower might
We might get to the lower 8,000's before we get through with this.