How high will Microsoft fly? Message Board

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Technology Stocks : How high will Microsoft fly?

MSFT 478.29

-1.8%

3:59 PM EST

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To: J. P. who wrote (14725)	1/19/1999 7:23:00 PM
From: GST	Read Replies (2) of 74651

J.P. -- $6 billion left stock funds last week. AG is on record as saying he does not like the proposal Clinton is putting forward on Social Security and the stock market, and the net stocks are only slightly below absurd highs. He must characterize the economy. Among his biggest concerns will be the way third-rate stocks (e.g. AMZN) are being valued like first-rate stocks (e.g. MSFT). Most people think of AG's role mainly in terms of interest rates. He has a variety of ways to reduce liquidity, but has not done very much lately because he has been trying to help keep global markets liquid. He may see his speech tomorrow as an opportunity to flex some muscle. MSFT may be at a temporary peak as it has already priced-in great earnings and the cautions mentioned may be real enough for institutional investors to take them seriously. The real issue is whether or not Greenspan would actually like to see the nets brought back to earth to make the rest of the market behave with more restraint. That could indicate a rocky month. Buy MSFT? Sure. But why chase it when pressure is building on stocks to take a breather?

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