Working All Day, But Trading Behind the Bosses Back Thread Message Board

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Strategies & Market Trends : Working All Day, But Trading Behind the Bosses Back Thread

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To: Steve Smith who wrote (520)	2/17/1999 12:59:00 AM
From: Mark[ox5]	Read Replies (3) of 779

What a few weeks huh Steve? Market is terrible right now... any rally fizzles as profit taking ensues. Market Breadth is terrible, only a few stocks lead up on any surges. Old reliable standbyes like stock splits aren't even working well now.. So where do we go from here? Tommorow should be pretty ugly at the open for tech stocks based on DELL... but its such an overreaction in my book. I mean the co. had 41% growth in revenues!! But the street wanted 43%? So in the past 3 sessions (including after hours) the co. lost 25% of its value based on that. Talk about overreaction. While Im not big on any hardware stocks (i.e. the prices keep falling so margins will continue to get squeezed) if I were to buy one, DELL would definately be it... best run, lowest inventory, best distribution (internet) etc... Long term DELL stock or options will be a good buy after the panic selling tommorow AM. Other than that, just bombshells falling everywhere.. YAHOO .... yikes. Well looks like most of January's great month is going down with these YHOO, AMZN options... back to square 1... time to hunker down and hope the market psychology changes soon. While I think the market may be overvalued, unless bond rates jump into the 5.50-6.00% range I would be hard pressed to figure out where all the 401K money is going to go... if not the stock market. But as long as these sell programs continue during any rally, not expecting a change... maybe we need a good old fashioned 5% 1 day drop to scare everyone out and finally create a good bottom. This slow erosion is much more painful.. everytime u think "it's a good buy" you get a drop the next day. Anyone else suffering or just me ;) Mark

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