Originally Posted by
moosie_900
Just goes to show much influence macro influences have over shareprices. When the market is very bullish as per last year and early this one we saw a massive climb in spec stocks with very little fundamebtals to go on (other than PS ratios and hope!). Now that the market is no longer to pay those multiples the money has flowed elsewhere, mostly blue chips (just look at MRP, MELCA, GNE, AIR, SUM etc). This shows that investors are wary of the market climbing further and are playing defensively, but not too fearful of a crash.
IMHO, it's consolidation/stasis time to let the market catch up to the valuations. Only companies that perform according to or better than expectations are going to be rewarded in this environment.
Soon enough, we shall see if PEB can meet or exceed those expectations.
Disc - definitely on the sidelines until I see some numbers!