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Technology Stocks : Rambus (RMBS) - Eagle or Penguin -- Ignore unavailable to you. Want to Upgrade?

To: Jdaasoc who wrote (30315)	9/23/1999 7:26:00 PM
From: Jdaasoc	Read Replies (1) \| Respond to of 93625

TO THE THREAD: Prices we saw in July are not coming back for a long time. Any rally will will leave us with overvalued stocks again. Greenspan will not have to act in Oct if market behaves as it should to current events. Look for market to sell off heavily right until before FOMC meeting and rally to follow when no action is needed because market fixed "wealth appreciation problem" Greenspan is always talking about. Don't look for this thing to stop soon. Why do you think bonds were up today. fnews.yahoo.com Market Wrapup Sep 23, 1999 Closing Bell (9/23/99) The stock market tried mightily to find some sort of bottom today, and then it crashed through the floor. Midway through the session, the indexes bounced nicely off of previous lows and were holding on in positive territory. Then Microsoft Corp. (NASDAQ:MSFT - news) President Steve Ballmer opened his big mouth. ?There?s such an overvaluation of tech stocks it?s absurd,? Ballmer was reported to have said. ?And I put our company?s stock in that category.? That was all she wrote. Prices cascaded down. Prices tumbled down. Prices fell down. The man may know how to run a software company, but that doesn?t make him an expert on stock valuation or particularly adept at giving investment advice. Perhaps Mr. Ballmer would like to tell us what he thinks of stock prices now? The dollar also hit another low against the Japanese yen. The final toll: The Dow Jones Industrial Average tumbled 205.48 points to 10318.59. The tech heavy Nasdaq Composite was crushed 108.33 points, or 3.79% to 2749.83. The S&P 500 Index lost 29.74 points to 1280.77. Ouch. It hurts just to write that. Breadth was decidedly negative with 2628 losers to 888 winners on the New York Stock Exchange. Volume was heavy at 878 million shares. On the Nasdaq, 2144 decliners outpaced 1222 winners on volume of 1.17 billion shares. One positive note -- investors ran to the relative safety of bonds, sending the yield on the 30-year Treasury down 9 basis points to an even 6%. Federal Reserve chairman Alan Greenspan said stock prices had become a consideration in determining Fed policy. Does the market?s recent slide lessen the chance of a rate increase in October? Is Steve Ballmer actually a mole planted by the Fed? Technology issues were the big losers of course. Microsoft (NASDAQ:MSFT - news) , ground zero of the ?over valuation? concerns, sank $4.88 to $91.19. Take that, Mr. Ballmer! Chipmakers fell hard. Intel Corp. (NASDAQ:INTC - news) , the most actively traded issue, lost $5.31 to $77.50. Micron Technology (NYSE:MU - news) slid $4.63 to $78.88 per share. Dell Computer (NASDAQ:DELL - news) lost $3.06 to $43. Apple Computer (NASDAQ:AAPL - news) tumbled $7 to $63.31 per share. Taking the Dow down were tech names such as IBM (NYSE:IBM - news) off $3.38 to $$121.81, Hewlett Packard (NYSE:HWP - news) falling $4.25 to $94.25. Just three of the Dow 30 posted gains today. Union Carbide (NYSE:UK - news) was up $0.38 to $55, Citigroup (NYSE:C - news) rose $0.12 to $43, and Philip Morris (NYSE:MO - news) gained $0.06 to $34.56. The list goes on. Go to a quote machine to check the damage inflicted on your particular portfolio. Or if you are truly a long-term investor save yourself the aggravation and chalk today off as an aberration. Let?s hope it is.