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Technology Stocks : eBay - Superb Internet Business Model

EBAY 85.20

+0.7%

Dec 26 3:59 PM EST

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To: Louis Riley who wrote (551)	10/28/1998 8:05:00 AM
From: Louis Riley	Read Replies (3) of 7772

Short term forecast: The S&P 500 futures are the most compressed they have been since August. They continue to trade in a range between 1063 and 1093 (Dec contract). Yesterday they darn near went coast to coast inside that range in one day. Once they break out or down of the range the buying or selling will be relentless - a 30 to 40 point (~230 to 310 Dow point) move is ensured. Since big cap techs have provided leadership over the past several months, and the NDX failed at the 1400 area yesterday for the third since the July top, I imagine the most likely direction for the markets is a breakdown, not out. I think the techs may bounce on the open off yesterday's selloff on the heels of AOL's and EBAY's reports. But I would not be suprised to see the selling then resume - perhaps with intense ferocity. EBAY could easily retrace to $50 or lower if this scenario plays out. Longer term, it has been annointed one of the New Four Horsemen (along with AOL, AMZN, and YHOO) Internet franchises by Keith Benjamin at RSCO. I don't doubt that his recently mused $151 target will eventually be realized once net fever reheats.

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