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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 670.92

+0.1%

Nov 7 4:00 PM EST

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To: Jack T. Pearson who wrote (40551)	2/17/2000 11:36:00 PM
From: Kailash	Read Replies (1) of 99985

One distinction between the new economy and the old economy that is often left out of the discussion is that the old economy makes money and the new doesn't, comparatively speaking (and often absolutely too). You still hear people say they buy the new economy technology stocks because of future earnings, but this seems pretty implausible given today's valuations. The internet mania in retail business is already on the vane; the B2B is next in line. The fast money has moved on to more intangible sectors such as biotech (who knows the potential genetic engineering?) and now superconductors. Yet if the old economy begins to sputter, the new economy will be like Wily Coyote stuck in the air, not realizing for a moment there is nothing to support it. I wonder if people will have the courage to keep pouring money into the speculative techs even as the blue chips tank. I plan on shorting into the long weekend. Kailash

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