Bill, yes yes yes absolutely agreed, I opined as much a month or two ago, with the further hunch that the money was going into other high-quality large-cap techs. I believed at the time that money exiting MSFT (or at any rate not entering it) would flow into CSCO, SEBL, etc., at least in part fueling the incredible runs we've seen in them. But not the same money that was pumping up RHAT (or today's darling, PALM), eh?
So, how much of the divergence in the index is due to run-ups in the other stalwarts, as opposed to run-ups in the new-age earnings-free issues? Any insight you could give me would be appreciated since I'm one of the cowards who ran, and I'd like to know what my exposure is if (or I should say when) the Nasdaq finally capitulates. You know where I've run to, INTC, CSCO, SEBL, EMC, NOK, etc. While it's true these core holdings could fall, wouldn't most of the pain be felt in the totally speculative issues? Or would the speculatives, immune from real-world logic, float along while the stocks I bought collapse in a DOW-like fashion? (Not that I'll sell them, but it's best to be prepared.) |
