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Strategies & Market Trends : DAYTRADING Fundamentals -- Ignore unavailable to you. Want to Upgrade?

To: Richard Estes who wrote (2638)	8/11/1999 2:56:00 AM
From: -	Respond to of 18137

re: the decline in internet stocks CNBC is covering the decline in internet stocks tonight; they reported that Jeff Bezos is down $7 Billion in his holdings, Steve Case $350 Million, etc. Their cameras then visited Jim Cramer in his office and asked him what he thought. He was characteristically blunt and concise. Here are his words: "I make no bones about it, what's happening in thestreet.com stock [TSCM] is horrifying to me". JJC also said: "This was a move (in the internet stocks) was a once-in-a-lifetime move, which I vowed to catch as much of as I could. I viewed it as a trade, which it was; I would have preferred it to be an investment." Got to give the guy credit for intellectual honesty! Very rare. Peter Lynch himself also appeared on CNBC tonight... again commenting indirectly on the daytrading phenomena. He shared a number of wise observations, including that 78% of Fidelity's customer trades are on-line, "people want to do trading, we provide that" (pretty close to a blessing of us daytraders as he will get, now that he is making money off of us :) -Steve