TigerPaw, I think the Y2K issue is having an "n" order affect on the tech stocks and the market in general. The major problem is the fear of inflation, the Feds raising interest rates, and the jump in the long bond which today closed at 5.93%. Last year it hit a low of 4.75%, or less, if my memory is correct. Stock with high pe's get hurt the most when inflation is a threat and bond yields are climbing. So, we are seeing a sell-off in tech stocks. Lets not forget about profit taking, and sector rotation that may still be going on.
This market is changing, and I sure hope we don't enter a bear market. As of last Friday, the Nas has corrected 10%, and the S&P and DOW 5% each. I am still forecasting the Dow going to around 10,000 before the correction ends. If it goes below 9,900 watch out. For one, at that time, I'm out of the market altogether.
By the way, I never would allow taxes to alter my judgement with respect to selling a stock. One can never go wrong in taking a profit. JMO
Stock Bull |
