Mohan, are you ready for this? Many big nets are up today because Merrill announced that they will put out on Tues I think " a trust of the top 20 nets: YHOO eBay, AOL, Cnet, CMGI, LCOS,INKT, amzn,AMTD, psiNET etc etc : the leaders " . It will be essentially an index fund like the Nasdaq 100 ( QQQ ) which since it's inception ?1 month ago is up 25%.
Believe it or not Merrill thinks these stocks ARE CHEAP right now!!!
So the question about this market is:
Is it the top, with a clear Market & Internet Bubble Top plus the last bear ( Merrill ) throwing in the towel and turning into a bull ( a classical sign of a top ), or, or,
Do we still have room?
My personal opinion is that we have not topped yet because of fundamental efficient restructurings of our economy (e-commerce )and spending habits ( big efforts to shrink Goverment in last 20 years ).
Next week the CPI will come in good, IMHO, and surprise, surprise, again, like today the pundits.
On a good day I'd like to see ICGE back to 82+ next week ,
TA |
