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Technology Stocks : InfoSpace (INSP): Where GNET went!
INSP 130.40+11.3%3:59 PM EST
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To: JB who wrote (7337)6/14/1999 5:30:00 PM
From: EenieMeenie  Read Replies (2) of 28311
 
Market Wrap, Mon., June 14,1999

The major averages may have closed mixed this afternoon but a close look reveals that the gains in the DJIA(sm) masked sharp losses in the broader market. In fact, the only real gains came from cyclical and oil stocks, which are disproportionately represented in the DJIA(sm). The rest of the market, including many widely held stocks that are popular with mutual funds, was off sharply as interest rate concerns grow ahead of the release of the CPI Wednesday and Greenspan's testimony before Congress Thursday. Internet issues suffered the steepest losses as traders were forced to abandon their positions due to margin calls. The outage last week at eBay is being blamed for triggering the selling by forcing traders who had only focused on the Internet's positive potential to recognize its vulnerability. For contrarian investors however, today's sell-off is actually being viewed as bullish because they are finally seeing the panic selling that tends to signal a bottom. Many contrarians believe that right now the market is overreacting to the threat of an interest rate hike and argue that once the Fed meeting is past we should see a rally to new highs.

Chris
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