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Technology Stocks : Qualcomm Incorporated (QCOM)

QCOM 167.88

-0.1%

11:02 AM EST

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To: engineer who wrote (16184)	10/8/1998 12:47:00 PM
From: dougjn	Read Replies (1) of 152472

Yes, but if you are on margin -- Greenspan will act, if he does, after a wipeout sell off. Not before. Of course this is a very tough time to sell. (I feel for anyone in that position. :-( We are likely, but not certain, to have some kind of at least small bounce soon. I though today, actually.) In 1987 it turned around to rally about 1/3 back, starting a week or so later. That was with the Fed literally flooding the markets with liquidity. Then it retested the lows towards year end. And held. And began climbing back smartly. What we've had lately is the most deadly sort of bear decline. Day after day of relentless, but not horribly extreme (on any one day) declines. The destruction of money at Wall St. firms and hedge funds going on is huge. I'm sure few shed any tears. But what it does is dry up financial markets liquidity all over the place. Which had gotten out of hand, and was attacking currencies left and right. But the process ain't pretty for our equity markets. JP Morgan just issued the first 1999 recession forcast on the Street (by a major firm). That's how it always works. Economists never go from strong, maybe too strong growth, to recession all at once. The edge over to it. One by one, slowly. No matter what the leading indicators say. Doug

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