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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 679.68

+0.7%

Nov 26 4:00 PM EST

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To: Square_Dealings who wrote (41455)	2/26/2000 2:30:00 PM
From: awi	Read Replies (1) of 99985

I don't see it going down unless there is something to change the sentiment, fundamentals don't matter anymore. Michael, it'll go down exactly at the point that no one expects it to go down anymore. My gut feeling is that we've almost reached that point. Sentiment has become so overwhelmingly bullish and uncritical for techs that it will be vulnerable to even minor disappointments now IMO. The metaphor of the old vs. the new economy has by now reached such enormous power and has mesmerized investors to such an extent that they appear to have lost all fear and have gained blind faith in anything which is 'tech' or resembles it. In terms of providing (false) credibility to crazy valuations the metaphor of 'old' vs. 'new' economy is performing very well (it even has the effect of equating 'old' to 'trash' in some investor's minds), but doesn't do any justice whatsoever to the complex character of economic interactions between 'new' and 'old' companies. Eventually, this false representation and categorization of companies in terms of 'old' and 'new' will come crashing down and with it, I suspect, some stocks.

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