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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Giordano Bruno who wrote (16466)	6/8/1999 8:59:00 PM
From: pater tenebrarum	Read Replies (2) \| Respond to of 99985

Jim, the handful of internet companies that have earnings, have p/e's that are by far the highest in the market. it makes therefore a lot of sense that they are in fact interest rate sensitive. i don't buy the argument that higher rates shouldn't hurt the group - they hurt all overvalued stocks, so why not the most overvalued? the analysts saying otherwise are clutching at straws imo. just as they invented ever more absurd models on how to 'value' internet stocks in an attempt to rationalize what is in fact the most irrational stock price behavior in history, they now serve up absurd theories on why these stocks should not respond to interest rate changes. regards, hb