So did these five guys correct 40%? If so, may I submit the post I intially made on Jan 11th for consideration. Thanks>
To: Tastes Like Chicken (595 )
From: ayahuasca Tuesday, Jan 12 1999 9:14AM ET
Reply # of 849
#1
This is a repost from last night. I needed to add the '#1' for it to count.
I'll give this a shot. I dont know if my reasoning has been used yet, as
I have not read all the posts,but here goes. First, I think the internet
represents a cultural paradigm shift and the companies leading the way
will continue to be valued (although somewhat more narrowly) in ways we
have never seen before. In my opinion, justifiably so. With that said
here is my first guess for a correction of 40% or more in the internets
over a five day period (that might be a bit steep but we'll have to
see):
Start date, Monday January 18th.
I think the internets will continue their run through this week. The
Market Watch IPO on Wed should propel momentum, and alot rides on the
YHOO earnings tomorrow. I believe that by the end of this week we will
begin to see some weakening. Then, next week we have this:
WASHINGTON, Jan 6 (Reuters) - U.S. Federal Reserve Chairman Alan
Greenspan will speak on the state of the economy before the House Ways
and Means Committee on Jan. 20 at 10:00 a.m. EST (1500 GMT), a committee
spokesman told Reuters Wednesday.
Committee Chairman Bill Archer, a Texas Republican, will announce later
Wednesday that the committee's first hearing of the new Congress will be
held Jan. 20 and the witness will be Greenspan on the economy, committee
spokesman Ari Fleischer said.
I think it is entirely possible that this could be the catalyst for a
severe near term correction. We are in similar, if not more optimistic
times to when Greenspan issued his 'irrational exuberance' statement
that presaged a nasty sell-off. He may say something similar this time,
although I think he will say that the economy is just fine, if not
stellar. But given the gains in some of these net stocks people are just
left with their jaws agape. If it was irrational exuberance to Alan
before it might well be delusional insanity to him now. Personally, I
will be very cautious heading inot next week, and that stands as my
guess for this little contest.
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