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Strategies & Market Trends : Market Gems:Stocks w/Strong Earnings and High Tech. Rank
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To: lee kramer who wrote (42293)5/27/1999 5:10:00 PM
From: Joe Hoek  Read Replies (1) of 120523
 
Fruitcake:

Yeah the DOW looks terrible, but it was all cyclicals that drove it down. NAZ held up well even with CSCO, DELL and a lot of the internets down. Tommorow should be somewhat of a light trading day with the 3 day weekend coming. I don't think we're going to get a surprise intrest rate hike unless something major happens in the economy. Probably in the next meeting or so it will go up .25.

I think the buyers are waiting for people to get spooked by the "BIG" Dow drop and will start buying the growth stocks back as everyone is selling. Remember the last 1000 points on the DOW was mostly due to the cyclicals that nobody was paying any attention to for a long time. Their rally is over now with intrest rate fears, and it will be back to growth and tech stocks soon. Who really wants to be holding Alcoa, 3M etc.? They did almost nothing for a long time. I'm kinda happy with the drop in the DOW. Now the growth stocks can go higher and we won't have that problem with the 11000 psycological barrier for a little while.

The internets will be making a comeback starting next week. I don't think we'll see the explosions like we used to, but who knows. There's a lot of them that are 50% or more below their highs and people will view them as bargains... I think some of the "cheap" ones will do well if only short term.

I think your right about seeing some upward movement toward the end of the day. Guess we'll have to see how the employment figures come out in the morning.

All of this is just my opinion and most will be wrong based on past performance...
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