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Technology Stocks : EMC How high can it go?
EMC 29.050.0%Sep 15 5:00 PM EST
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To: Steve Hufnagle who wrote (6118)5/4/1999 10:52:00 AM
From: mauser96  Read Replies (2) of 17183
 
At this time being a high tech stock on a money managers favorite list isn't good news. . It means they own plenty, bought at lower prices. The recent resurgence of earnings at Dow Jones type stocks left MM under invested in cylicals and oils. They need cash to buy them, so since they also had low cash positions, they sold the big, highly liquid stocks where they showed a profit. EMC fits this scenario perfectly, especially when you add in todays HP news as an reason to sell.
In the long run the broadening of the market is probably good news for tech investors too. "Value" and "growth" stocks each have their day in the sun. Since the market works on expectations, at the moment "value " stocks are the ones exceeding expectations, so they are the ones showing good price gains.
While I expect it will take months for EMC to show good stock price gains, as long as the underlying company business is doing well, eventually the market will cycle back to "growth". Today's news about HP was the first genuine piece of bad news about EMC recently ,but the stock was down before this. The recent closer ties between IBM and EMC suggests to me that EMC may have seen the HP decision coming.
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