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Technology Stocks : Micron Only Forum

MU 207.36

+3.0%

Nov 21 9:30 AM EST

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To: Land_Lubber who wrote (49457)	10/20/1999 8:05:00 PM
From: John Graybill	Read Replies (2) of 53903

My quickie answer is, in a word, "momentum". Tuesday's opening and Wednesday's close are the same position but the opposite velocity. Tuesday morning's open at 64 was after that yawning gap down. Wednesday's close at 64 was after a sustained rise and Whittington's tout less than an hour before. That's my best effort. :-) That said, those option guys might be kicking themselves tomorrow monring, because it looks like IBM's earnings report is gonna shock the tech sector again. Nice comments of yours in yahoo chat re IBM. Last I saw on CNBC, it was down 12 or so to 99 3/4 in after-hours trading. Ouch! At $1 per DJII component = 5 DJII points, that's 60+ DJII points in the hole at the open if it doesn't improve. No wonder half the touts on CNBC are suddenly talking about how bank stocks are cheap -- they (JPM, BAC, I forget the 3rd one) need to be bought early and hard tomorrow to keep the DJII from opening -100 or worse. They need to do some damage control on AOL, too. They're down three points after similarly "meeeting the estimates". S&P futures are down 8+. Bill Fleckenstein says in tonite's Rap that IBM's report is the litmus test for nuclear winter, and it looks like the results are in.

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