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Technology Stocks : AUTOHOME, Inc
ATHM 23.66+0.8%Nov 24 3:59 PM EST
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To: Bob Zacks who wrote (20598)4/4/2000 10:11:00 PM
From: ahhaha  Read Replies (1) of 29970
 
Every trade data was flat to up in many stocks whose prices were dropping like a rock. This is the down side's inelastic state sine qua non. We saw similar activity Aug '98 and Oct '87. It was also similar to the reaction to Nixon's wage and price controls move of Aug '71 and the reaction to Kennedy's attack on big steel threatened price hikes in May '62. The latter was fundamentally similar because at the time the market sported a 30x multiple.

Every trade data said that yesterday and today were standard trader buy entry points. Consider though the range involved. The data says everything is hunky, but today no one believed that because they are creatures of price. They believe that price predicts price so they must be looking down.

When the market stabilized like it did in the afternoon session then people start asking what caused this down side. They look around and they discover that there is no economic reason. Therefore, it is a purely mechanical event which can be attributed to margin calls, etc. Since there is no material reason for the drop except to eliminate one set of public greedy gamblers, other greedy gamblers will now jump on the market. Like I said in an earlier post it's going to scream as people see that Wall Street laid another egg. Can you imagine the quantity of people who have been left out and now have the perfect non-event excuse to buy?
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