We fail to see this opinion reflected anywhere else but in our own column. Our data also infers that stocks remain a better investment alternative than AAA corporate bonds. Absolute and relative values increase as interest rates fall. On the other hand, if earnings growth continues to fall, so will our valuations. Remain very selective.
Some stocks continue to be overvalued.
The overall trend of the market is still down. We urge our readers to remain confident, but cautious. The market may have found its bottom, but the real key will be the continued secondary test of the recent lows. Higher energy prices, the lack of energy, high interest rates and onerous taxes are retarding our economic growth. The liberals are now screaming vitriolically as President George W. Bush withdraws us from the 1997 global warming, sky is falling agreement, commonly referred to as the Kyoto Pact.