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Technology Stocks : CMGI What is the latest news on this stock?
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To: Jenne who wrote (9514)6/10/1999 12:19:00 PM
From: gizelle otero  Read Replies (3) of 19700
 
We are being "prepped" for a negative earnings surprise.

Look at today's "spin" action from the press:

1. This morning - Kahuna and The Brain (Squak Box) trying to hype the stock. This happened before the open. Said they will "possibly" beat expectations.

That had the effect of lifting the stock in the first half hour of trading. Big fish sold into the rally @ $102.5 - $103.

2. Then a series of "explanation" articles, telling the small fish how hard CMGI's numbers are to interpret and advising "us" not to panic if the numbers are not there.

3. Now (@ 12:30) we see some listless trading around $101 - $102 with no obvious direction.

4. Next (IMO) will be a series of small rallies this afternoon. None will hold and selling will begin around 3:00 PM.

Tomorrow will be bad. If you want this stock, tomorrow morning will be the time to pick it up below $90. The long bond is tanking and the market is clearly headed lower. All the internets are weak and need to retest earlier lows as follows:

CMGI - $89
AMZN - $105
ATHM - $90
EBAY - $155
YHOO - $140

My advice, wait patiently. If you are in, get out. If you are waiting to buy...wait some more to see if $89 holds on CMGI. If it does not, wait more to see if $80 is breached.

My 2 cents.
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