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Strategies & Market Trends : Yahoo and other bubbles...when will they burst?
YHOO 52.580.0%Jun 26 5:00 PM EST
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To: Dave Mansfield who wrote (38)2/2/1999 1:54:00 AM
From: Howard Hoffman   of 139
 
Today was the first day in a long time that the entire group (or at least the 10 or so that I track on PointCast) all finished down. The chart on EBAY is especially bearish. EBAY has failed 3 times at 300 and formed a downward sloping wedge. Or perhaps it will evolve into a 3-headed head & shoulders. EBAY is in a gap-filling process almost sure to take it down to at least 230.

There was in article in the WSJ today about how the bubble has already burst for some Internut stocks. Perhaps this sector will come down stock by stock with the strongest ones last to fall. The strongest would be AOL, probably followed by YHOO.

As hard as I try to envision a "soft landing" (the opposite of a bubble burst), I find it nearly impossible to envision. The best scenario that I can conjure up for the sector is a couple of years of swinging back and forth, with institutions desperate to put some e stocks on the books, picking up shares every time there is a 30%-50% correction. Today was the first day of trading without the January effect. Tomorrow should be interesting. I believe that the decline will continue tomorrow and that it will be an orderly decline. There was a lot of selling on the declines toward the bell today, usually a bearish sign for the next day.
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