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Technology Stocks : Qualcomm Incorporated (QCOM)
QCOM 155.82-1.3%Jan 23 9:30 AM EST
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To: SpudFarmer who wrote (52056)11/30/1999 4:23:00 PM
From: 16yearcycle  Read Replies (2) of 152472
 
Markets work this way in that typically prices move around, and undershoot and overshoot, so the stability you suggest simply never happens. Take a look at a graph of the top 20 or so techs stocks. I hardly even use charts, but the process simply causes the stock prices to feel around for what the market will bare.

What you are suggesting would cause stocks to simply rise at the rate of revenues or earnings in a very stable way. But speculators come in and drive the price up and down on news. In the long run, fundamentals win out. A 20 year chart of something like ko looks pretty stable. It's the close up views we take that reveal the day to day swings that get some of us, and me, excited too much.
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