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Technology Stocks : CPSX-CERAMICS PROCESS SYSTEMS
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To: Mahatmabenfoo who wrote (148)6/28/2000 8:21:00 PM
From: GARY P GROBBEL  Read Replies (1) of 181
 
charles...i disagree. the stocks you mention, or any others in almost all sectors and price ranges, got caught in a shift 'arranged' to move some of the money from the new economy stocks back into the old economy stocks because clients who had been holding those stocks for years and years were loudly complaining about the lack of return in their portfolios compared to the stocks and funds powered by the IT economy.

unfortunately a series of events took place that snowballed the situation out of hand...while the fed was still making it clear they were not done yet.

the surprising factor this time around was the fact that we did not get a serious correction until april even tho the increases started last summer.

the macro outlook here charles is is simple and something you should be able to understand. greeenspan and the guvs were clear about their attitude towards rising consumer debt, 'excesses' in the hedge and wedge games, and rapidly rising equity prices for companies that barely had more than a business plan. while stating that the new economy stocks were indeed here to stay and would in fact power substantial growth in the sectors represented by same Greenspan also said most of these companies would probably ultimately fail.

the rate rises since last summer were meant in an overall sense to dry up monetary sources of supply fueling the areas of concern to the fed, including the ipo mkts. sooner or later they knew their actions would begin to slow things down. they knew this because they also knew...........you can't fight the fed.

it is not silly charles...it is a fundamental truth.

gpg
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