Keep Your Eye On The Ball - Watch List Message Board

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Strategies & Market Trends : Keep Your Eye On The Ball - Watch List

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To: TFF who started this subject	11/29/2000 8:55:31 PM
From: CanynGirl	Read Replies (1) of 2802

Excerpts from www.realmoney.com thestreet.com Remember, this market trades off of whoever speaks last. The last two speakers are Gateway (GTW:NYSE - news - boards) and Altera (ALTR:Nasdaq - news - boards) and both are saying extremely negative things. How negative? Mind-blowingly negative. Gateway's miss is just gigantic. As big as they come. Altera's is massively negative. They are saying things that make you feel that things have suddenly gotten much worse. They make you feel that Dan Niles was dead right in his call yesterday that you have to stay away from anything having to do with communications semiconductors. Of course, nobody who is long wants to hear any of this. And there will be a loud defense that we should ignore the news because it is Altera- and Gateway-specific. But it isn't. thestreet.com Don't kid yourself. There is a storm raging outside. No one knows how serious the economic slowdown will be. No one can call a bottom. But one thing I am confident of is that there is more capitulation to come in many high P/E stocks. Tech stocks have gone down, yes, but generally not on massive volume. (A source who recently attended Morgan Stanley Dean Witter's annual big money conference in Lyford Cay, Bahamas, reports that the meeting was filled with "fully invested bears.") The Nasdaq Composite is off about 35% in the year to date. We haven't seen three consecutive up days on the Comp since August. Yet, we are not seeing record volumes. Brett Fromson Margin Calls 11/29/00 5:35 PM ET According to a longtime source, Fidelity's brokerage arm made "thousands of margin calls" last week. That is a big number, even given Fido's 11 million retail brokerage accounts. My takeaway? For all the talk of tech investor capitulation, we may still be in the process and by no means near the end.

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