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Technology Stocks : eBay - Superb Internet Business Model
EBAY 93.09+0.3%3:21 PM EST
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To: George Gotch who wrote (1976)3/5/1999 11:33:00 PM
From: RetiredNow  Read Replies (2) of 7772
 
Hey George, just be patient. This thing will take some time to get under control, but it will. For one thing, I read a long article on how Wall Street is starting to tighten up. It was entitled Eye of the Storm or something like that. Essentially, the brokerage houses are starting to raise margin requirements on volatile stocks like these.

What will eventually happen is that there will be a big bad downturn, maybe not this year, maybe not in the next, but there will be one. When that happens, all stocks will go down. The Internet stocks will get crushed. It will literally bankrupt all the amateurs. Then normalcy will return.

There was the story of this guy in his late 20's who quit his job to day-trade full time. He borrowed about $80K from credit cards and mortgaged his house. He was doing well for awhile on the Internet stocks. Then next thing he knew, it was all gone. He got margined out and he had no cards left to play.

Basically, this type of day trading is nothing more than gambling. Worse odds than Vegas, because at least in Vegas you know that it's gambling. Stock trading is a socially accepted addiction.

Good luck to you all and don't go too nuts!
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