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Technology Stocks : Identix (IDNX)
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To: Ron Ohio who wrote (19255)11/26/2000 3:52:05 PM
From: Ron Ohio  Read Replies (1) of 26039
 
Just got back from Atlanta and checked my figures and it doesn't look promising.
Friday's feeble attempt at a rally indicates we could be back to the downside sometime this week.

It is interesting to see 90% of the guests on CNBC are positive or semi positive in sectors. I watched the dribble for the last five days in Atlanta. Yet the Nasdaq is down 40%. Only one in a million guys states that it appears there is "still some downside potential" and he is cut off quickly and gracefully. CNBC appears to have a vested interest to the Brokerage & Mutual Fund industries to downplay and minimize any downside talk. They probably would create a panic if they hammered on the truth. It is more than likely that many large funds may still have positions in some of the large cap -- high flying -- fallen darlings -- but there is no one to sell to without decimating the stock. We have a long ways to go. We had a bubble that is no different than the Tulip craze in Holland centuries ago.

It is a good thing that Fund ownership of IDX was small and small in relationship to their holdings. Further most fund ownership was purchased at more reasonable prices. Our selling is coming from private sector that bought in at high levels. One bright spot is we did see IDX respond quickly to the upside in the rally. There was good buying at the close Friday. People are beginning to realize that biometrics is the next big move in the market. A very good sign when the market turns.

Ron
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