Well, many investors are wondering if they should switch gears and take off the table some of the quick, easy money they've already made.
Investors are understandably uneasy.
Interest rates are rising, valuations look sky-high, warnings about the Y2K bug abound, and the Dow Jones Industrial average has tumbled more than 600 points from its May 13 high. It's a good time for value stocks, especially some of the 'Old Economy' stocks,'' says Mackay. But truth be told, it's still a relatively narrow band of stocks that has such high p-e ratios. There's a host of other stocks just begging for attention. We've been seeing a real shift away from the megagrowth companies into the broader market.