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Technology Stocks : How high will Microsoft fly?
MSFT 483.88+1.6%3:59 PM EST
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To: Dave who wrote (60840)8/26/2001 5:24:13 PM
From: t2  Read Replies (1) of 74651
 
The market can still correct somewhat; maybe a retest of the April lows.

I am waiting for my buying opportunities; next 2 months look too uncertain to take up any aggressive trading positions, imho.
Of course, if we see a decline right up to end of September, October could be a buy-----I am taking a wait and see approach--might change my mind if I see any hope.
It is just a matter of trying to guess at how much wealth destruction occured in the past 15months or so and the intermediate term (1 to 5 months) consequences of that for the stock market; that is the one big factor that makes me a bit cautious (and not really the S&P P/E). I cannot see the same degree of money inflows as we have seen in the past few years and without that, maybe one does not have fear that they are missing the train. That could be a key difference in the market today compared to the bounce we got in early April.
Maybe that is why the money market fund holders are not anxious to start moving cash into stocks.

I believe we get an Oracle earnings report next month---should be pretty bad and maybe that will mark the time to buy into techs--maybe not.
Market is a lot tougher to figure out these days compared to a couple of years ago.
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