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Technology Stocks : How high will Microsoft fly?
MSFT 478.52-2.8%3:59 PM EST
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To: Sir Francis Drake who wrote (23222)5/25/1999 6:02:00 PM
From: t2  Read Replies (1) of 74651
 
Morgan, Looks like you had fun trading the internet stocks today. Any rally we see in the next couple of day will probably end up resulting a big decline by Friday. These declines of the last 2 days in net stocks are probably enough to scare some investors out of these permanently--resulting in some more declines shortly (especially if we see a bounce in the morning). Short sellers are finally confident enough to take on the internet stocks--with a vengeance! I was lucky to be able to sell my small positions in GNET, Lycos, Yahoo, CMGI last week. Only ATHM was left for this week--which i sold yesterday.
This might be a big time correction that may finally bring the valuations to little more reasonable levels.

I would not be surprised to still see MSFT also drop a couple of dollars leading into next week's resumption of the trial. I was about to get rid of all my shares today to buy back at the end of the week but decided not to take the chance. Instead, i might hold off a little more before buying short term calls---however i am almost ready for leaps2002.

Maybe the internet investors are ready for solid growth companies now. MSFT would be at the head of that list, IMHO.
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