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Technology Stocks : TAVA Technologies (TAVA-NASDAQ)
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To: JDN who wrote (8238)1/2/1998 5:28:00 PM
From: M. Frank Greiffenstein  Read Replies (2) of 31646
 
Today's y2k investment wrap-up...

It was indeed a strange day for y2k stocks, JDN. Here is my take:

Alot of profit taking in the y2k systems integrators. Two factors converged to create the selloff in this subgroup: A number of them broke through to new highs last Wednesday, and the start of a new tax year. The stocks with the biggest drops were precisely those with the new all time highs: KEA, CHRZ, IMRS and ISLI. People who bought into these stocks when they had lost 30-40% of their value had nice profits rung up in under 2 months, and I beleive those people waited until today to defer profits to 1998. Frankly speaking, I was going to be one of those sellers, but I was away from my quote system until about 11 A.M., by which time the damage had been done! My profit in CHRZ for example was at 57% as of Friday. But I think this profit taking will be brief.

On the other hand, there was bargain shopping among the pure toolset makers. PTUS surged on no news that I could find. CRYSF and SEEC showed strength, and pathetic Zitel shot up today as well. I think that the growing public awareness of y2k resulted in this bargain shopping in the beaten down toolset makers. I think it was all retail.

Anyway, that's my take. I say profit taking will end by next mOnday morning. The January effect will kick in, and CHRZ and KEA will continue their rise.

DocStone
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