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Technology Stocks : AT&T
T 25.95+1.7%Nov 21 9:30 AM EST
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To: Jim Rokosh who wrote (1745)12/13/1998 12:14:00 PM
From: ahhaha  Read Replies (2) of 4298
 
I don't want to rain excessively on this parade, but a little caution is necessary. The move since 12/8 has not been supported in that there wasn't enough work done to warrant the price translation. Probabilities are high that the shares will consolidate and move sideways to down in coming months until the gap at 65 is closed.

This move is institutional knee jerk, short covering caused by brokerage upgrade, unjustified great expectations for various mergers' approval, and old news. The purchase of IBM's data network is months old. Even though there is a rising outcry against cable unbundling, do not underestimate the power of fairness to destroy. At the top of the market you get extraordinary price moves caused by short seller fear of infinite prices abetted by fear of brokerage house power to influence mindless buying. Institutions often buy at a top because the shares have risen and are perceived then to be less risky. None of this is solid justification for the move, so the move must be corrected.

The best proof though that the move is essentially over is the explosion of price discussions on this thread. When it is time to buy again or to add to existing positions, there won't be any such thing and many of you will be considering selling. This will be caused by market sentiment as the markets hit the skids in early '99 and by T's positive stock sentiment turning sour as the forces of evil interfere with the company's attempt to realize the world vision.
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