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Technology Stocks : Identix (IDNX)
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To: marvin smith who wrote (11668)12/11/1998 7:42:00 AM
From: Ron Ohio  Read Replies (1) of 26039
 
I don't know how Rob, David and Brad feel, but I am certainly am concerned about the double top. It isn't that the market is starting to slide down from a double top but the fact the internals are going to pot. Yesterday, new lows increased to as many as new highs and the advance - decline numbers are deteriorating also. Many of the high-flying stocks are back where they were before the summer drop started but the fundamentals have become worse. The projection for earnings increase for the S&P was about 10% last January. Today they have dropped to 4.3%. Yesterday Ericisson announced poorer earnings. Every day the Asian effect has nailed some big company and Asia hasn't bottomed yet. I was just down to Mexico. We really haven't begun to feel the effects of the South American sour economies.
The market is going down again. In the early part of this down move, one thing is different. The small caps have not been hurt as bad as the big boys this time. Where does this put IDX? If we can at least make or add a penny or so to estimated earnings, we shouldn't get near the lows. Also some big news with earnings would help to keep it far above the years lows. Last, if rapid developments occur we could work to new highs even though the rest of the market tanks.
However, the nifty fifty are going to get there clocked cleaned. Marvin, you and I have lived through one or two of these bear markets. Most of the younger crowd in the market today doesn't realize there is a down side to stocks selling at 200 with negative earnings. (My wife tells me to quit preaching)
Ron
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