Is it time to buy the market? As some of the biggest City brains and top equity stockpickers daily wonder whether they should have come out so early in calling a turn in the market, one of the City's leading 'chartists' today revealed the 20 per cent fall in the FTSE 100 this week has put it back to a level not seen since the great crash of 1987. Mike Lenhoff, chief strategist at Brewin Dolphin and a legend among the City anoraks who spend their time looking at charts and graphs, today produced the evidence that if confidence in London's leading stocks gets any worse, we are in 1929 territory. 'Not since the crash of 1987 has the prospective p/e [price-to-earnings] ratio for the FTSE 100 been as low as it is today,' said Lenhoff. Plumbing the depths: If London's leading stocks get any worse the market could be in an economic...
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