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Strategies & Market Trends : Technical analysis for shorts & longs
SPY 668.73+1.5%Nov 24 4:00 PM EST
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To: Clint E. who wrote (21515)6/11/1999 11:05:00 AM
From: space cadet  Read Replies (1) of 68255
 
Clint, I think this is the final shakeout. It should be over within 2 weeks, or by the end of June at the absolute latest. The stocks you mentioned (csco, msft, etc) should fly soon. I'm not as sure about the overpriced internet turkeys (aol, yhoo, etc) but I suspect that they will rebound also, though probably not all the way back to their old highs. I also see a lot of manipulation occurring, which isn't surprising given the low volume these last few weeks. Earnings are going to really matter this time, which is why the tech titans will rise. At some point earnings will even matter to the internuts, in which case I expect most of them to collapse. I have no idea when that will occur however. Maybe in the fall fiasco like last year. Regardless I believe we are quite close to a bottom here for the market and a nice rally for a month or so. I expect the csco's msft's and emc's to get close to and perhaps test their old highs.

Incidentally a friend and I went over a long list of internet turkeys and we concluded that even after this mild correction all of them are way overvalued with the exception of uswb. Anybody know any other internet stock that can honestly be justified on a non-momentum outlook?
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