Market Gems:Stocks w/Strong Earnings and High Tech. Rank Message Board

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Strategies & Market Trends : Market Gems:Stocks w/Strong Earnings and High Tech. Rank

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To: Jenna who wrote (93833)	4/18/2000 1:21:00 AM
From: Jenna	Read Replies (1) of 120523

..more from The New York Times...But as investors who fled the market last week stepped up to buy again Monday afternoon, the weekend's awful warnings faded and Wall Street's naturally bullish bias returned -- at least for the moment. By day's end, many professionals were even saying that last week's plunge, although painful, might have done some good by ending a speculative bubble and clearing the way for a steady, but slower, advance. "We are seeing a whole different side of the market that we didn't see Thursday or Friday," said Joseph Cangemi, a floor supervisor on the New York Stock Exchange with Francis P. Maglio & Co. "You are seeing a bounce off the bottom with the fresh money coming in." [editor's comment: that should make you feel great when everyone's buying 40-90% lower than you did!and ...Nobody's selling <editor comment: okay for Monday but they sure sold a lot last week> "This is healthy," he added. "Today is a good reaction. There was a lot of excessive value in the market. It needed to self-correct, to even itself out. People can't keep buying so one-dimensionally and expect a return with no risk." ...end of quotes... <editors comment: Although I believe we are in for a little better than the last week, there is a 'pacifying element' here that is somewhat reminiscent of a 'brokerage house's desire to stem off a panic or tidal wave of sellers.. But when you see a sentence like "No one is selling".. you have to question this. Obviously someone sold.. I know I sold and I don't think I was the only one. I didn't sell at the panic but when the prices moved up to their 52 highs and beyond. So no one sold???? Then where did all the sell programs come from? I do agree that selling at the bottom was not a good idea but there was ample warning before the 'bottleneck' last week to take profits. These "Cowen's and Robertson Stephens and others" had the audacity and ineptitude to UPGRADE stocks when they hit the 200's to even higher multiples.. Its not just the prices but the high valuation stocks even up to 100 that were 'upgraded to strong buys' with price targets raised to idiotic levels. Just be careful. Exercise caution and NEVER BELIEVE THE ASSAUGING STATEMENTS OF BROKERAGE HOUSES.. They are instructed to calm the clients. I'm sure they have called together 'emergency meetings' and have 'handouts' to indoctrinate the brokers in just what to say. I would just take all this with a grain of salt. I'm still bullish but NOT BECAUSE the brokerages told me to be bullish. I just like the earnings coming out of the tech companies themselves..>>

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