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Technology Stocks : CMGI What is the latest news on this stock? -- Ignore unavailable to you. Want to Upgrade?

To: Jenne who wrote (10055)	6/14/1999 1:21:00 PM
From: Jenne	Read Replies (1) \| Respond to of 19700

Paper vs. Rock By James J. Cramer 6/14/99 12:06 PM ET Paper covers rock. Paper beats rock. I know, it seems a little ludicrous to bring up children's games when you are talking about bonds, but I am determined to do anything possible to get you -- especially you newbies -- to realize the power of the bond market. I like "paper vs. rock" because it's counterintuitive, but accepted. Stocks will rally if bonds stabilize and go higher. Even "bad" stocks. A good bond market makes big money bullish. You put a couple of good bond-market days together and it flushes people from the sidelines into stocks. It has a magical effect, one that could even turn the Net! (Knew that would get your attention.) Bond traders I speak to are beginning to think that bonds have overshot to the downside, given that the world has gotten less strong. As someone who has an underwater but unleveraged position on bonds (bought some more Friday), I believe that, but I buy bonds on a scale and I won't buy any more until the 30-year goes below 88. Obviously it is too early to make a call on the bonds. We have to see that CPI. But if we get a benign CPI, the last Big Bad Event will be past us. Then we will only have the Fed meeting, and if the Fed tightens, by this point, bonds will rally. So, this long negative gauntlet will at last have run its course. How tempting it is to jump the gun and bet on a weak CPI. But I can't know what that number is, and I am not willing to bet that I am clairvoyant. --------------------------------------------------------------------------------