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Technology Stocks : Keane The leading y2k service provider
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To: Kal who wrote (526)5/12/1998 1:07:00 AM
From: Lee Lichterman III  Read Replies (1) of 1316
 
I agree the sector is down but this is a little more harsh and wide spread IMO. I first noticed a couple weeks ago that many "good companies" were stuck in a range despite positive earnings surprises that hadn't previously been lowered etc. I also noticed that the "defensive stocks" started moving again i.e. Supermarkets, domestic products health care etc. The Tech selloff has been slowly growing and accelerating the last week or so. Look at todays action and the fact that Bonds were over 6% most of the day. I think the funds are shifting out of techs, especially high PE techs quietly and moving into defensive positions. We are slowing bleeding without noticing except for KEA, CPWR etc but the key question is why. Is it because they are finally noticing Asia again, is it the Fed interest rate fears, or are they finally getting wise to the fact that they are paying more for companies with lower earnings expectations. KEA is not dependant on any of these but it would not be the first time they threw out the baby with the bath water. I think we are getting close to a medium scale market pullback since the indexes would already be down if it weren't for the hyped internet stocks, merger mania, and Viagra's holding it up (pardon the pun). I am going to stay in KEA, but I have sold off most of my other holdings. I'm usually bullish but something is wrong in the bull pen. I have been adding to my KEA position but I'm holding some cash for the final sale before the next run back up.
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