Trindy: The answer is right in front of your nose.
Throughout September and the 1st week in October, what HAVEN'T we had or seen in the stock market (aside from the sizable correction that George Cole and nearly everyone else on this board has been predicting since May or June)? The answer:
Earnings warnings!!! If there are no companies of significance that are warning, it is not a leap of faith to assume that the earnings reports will, for the most part, be stellar and send the market higher throughout the remainder of the year, and (imo) well into Q1 of 2004. That's the good news.
The bad news is that if you've been on the sidelines all year, you have missed the bulk of this cyclical bull market. It is still worth participating, but don't expect huge returns during this leg of the bull market. Valuations? Forget them for now. P/E's and valuations have little or no effect on what the market does over the ST or IT, even over a 1-2 year period. Over the VERY LT the piper will be paid, but not just yet.
My advice: avoid the high-flyers and day-trading stocks that everyone on this board are flipping and trading in and out of. Buy into a few GARP mutual funds with small and mid cap orientation, hold on for 3-6 months (possibly longer) and take the 10-20% that the market will give you. Don't overstay your welcome --- you are joining the party a bit late.
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