The Chart du Jour
The markets are rallying. The fundamentals of most American companies are still suspect at this time, but American optimism is unbridled and not to be underestimated. Overall, on a push-pull basis, and as previously stated, we think the path of least resistence for the equity market will be higher into early June.
Notwithstanding, we look at the above monthly chart of Seattle-based Starbucks, and wonder at 83 times earnings, is this just another disaster waiting to happen? The Fibonacci rhythm certainly looks complete to us.
For those fond of Seattle entrepreneurism, go with Microsoft at 33 times earnings instead of the above overbought piece of coffee-shop fluff. AOL's new version 6.0 is filled with a plethora of serious bugs (without any company admission of such forthcoming, of course), while Microsoft's look and feel for their MSN internet service is now clearly superior.
SBUX is a dud at current levels, while MSFT is at least a solid real company, maybe overdue for a bounce.
Subscribers are invited to click here for immediate access to our latest in-depth article: "Measuring Financial Time: The Magic of Pi." The article is 10 pages in length, and in it, we touch upon two centuries of financial history. We also leave readers with our cyclical vision for the next decade, as well as a shorter term perspective of the NASDAQ 100 index for the balance of the year.
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It also may be of interest to some as well that because so much time (and thus timeliness) has now transpired, we recently released three of our 2000 subscriber-only articles. These now appear under the public Earlier Articles section of the website. Perusing through them may give one a sense of the added premium level of analysis we provide to subscribers.
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