Michael, although I still don't agree with the channel stuffing argument, in the interest of fairness, I'm posting this Cramer article. The entire article is not posted.
Fundamental Woes
Take Back Seat to
Microsoft News
By James J. Cramer
1/25/99 9:04 AM ET
On one side is the impeachment trial, Brazil, China, Merck
(MRK:NYSE) woes, potential Fed tightening, Amazon's
(AMZN:Nasdaq) giant losses and foreign weakness. On the
other side is a 2-for-1 Microsoft (MSFT:Nasdaq) stock split.
In this market, you go with the split. It will color everything far
more than those other issues. Amazing. It's called a bull market,
and stuff like this split takes precedent over the fundamental
woes.
Lotta other weird stuff today. Fox (FOX:NYSE), which hates
the Net, signs on with Yahoo! (YHOO:Nasdaq). Lilly
(LLY:NYSE), which hates the generics, settles for peanuts --
talk about a huge win for the Pacers (don't they call the people
who work at Lilly the Pacers?). Ashok Kumar, who hates
Compaq (CPQ:NYSE), disses Compaq with his now-usual
channel-stuffing comment, which, at this point, probably
means it goes higher, as lots of people are making money
betting against this guy. And Opco downgrades Merck!
Gutttsssyyy! Talk about an overreaction to an overreaction.
And Citigroup (C:NYSE) trading up off that awful quarter.
And Morgan Stanley says the market could go to new highs! |
