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Technology Stocks : America On-Line: will it survive ...?

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To: Mazman who wrote (12277)12/2/1998 9:15:00 AM
From: Venditâ„¢   of 13594
 
**In Internet portal shares, Yahoo! firmed 14 1/4 to 206 1/4 and America Online climbed 2 3/8 to 89 15/16.

"When sentiment gets to extremes it always leads to a turn in the market," said Gary B. Kaltbaum, chief technical analyst at J.W. Genesis Securities Inc. "It happened at the bottom when everybody was saying we're going to have a global crash after it happened. It just so happened that it coincided with the big Internet froth with the excessive bullishness. And boom, to the day, the market tops.

"If you get some of these people that said Dow 10,000 is a lock by the end of the year to shut up, and you get some skepticism back into the market, I'd consider this to be a pause that refreshes," he said. "Then we can get this thing going again."

"In our opinion, the market's recent spectacular advance from the October 8 low is not over," Ralph Acampora, director of technical research at Prudential Securities, said in a research brief. "Any pause could be deemed a buying opportunity, so an aggressive investment posture is warranted.

"We believe that due to the market's upward momentum and the impressive leadership, excluding the Internet stocks, the odds are better than 50-50 that the DJIA will reach 10,000 by the end of the year."**

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