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Technology Stocks : Amazon.com, Inc. (AMZN)
AMZN 232.38+0.1%Dec 24 12:59 PM EST
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To: Glenn D. Rudolph who wrote (29536)12/10/1998 9:35:00 PM
From: Mark Fowler  Read Replies (1) of 164684
 
Everyone this in from Preudential, the technical outlook for '99 . Ralph Acampora is Chief Technical Analyst.

Our 1999 Stock Market Outlook—The Year Of The Stock Picker...
Our 1999 yearly range for the Dow Jones Industrial Average is
7800/8450 on the downside and 9800/11,500 on the upside. The
S&P 500 range is 1050/1090 on the downside and 1350/1525 on
the upside.
October 1998 was the bottom and represents a four year low.
The year 1999 is the third year of the president's term in office
and the third year is historically the best of the four years.
Despite the fact that the DJIA, the S&P 500 and the Nasdaq
Composite are now at new highs, 65 S&P groups (or 71%) out of a
total of 91 sectors are at least 20% below their respective 1998
highs. The bears will view this as a big negative but we disagree.
Of course a majority of groups have not caught up with the
leading market averages yet simply because most groups and
stocks suffered extreme damage (anywhere between 25% and
35% losses from their respective 1998 highs). Hence they will take
time to build the necessary bases to support higher moves later
on. It is this theme that we are emphasizing for 1999—stock
selection. We refer you to the Sector Standings section for the
names of many technically attractive stocks.
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