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Technology Stocks : How high will Microsoft fly? -- Ignore unavailable to you. Want to Upgrade?

To: taxman who wrote (31031)	10/21/1999 7:31:00 PM
From: John F. Dowd	Respond to of 74651

taxman: Don't build straw men. I am saying that the Index market controls the index funds which controls in a great degree the performance of those stocks which represent the gretest part of the index fund. This tail wagging the dog business has been in place ever since the inception of derivative trading. In the present day environment itis exacerbated by the hype that surrounds every micro move of any and all indexes. You say a few to make your point but in terms of capital outlay the leverage is enormous. If you think the point is invalid then so be it but look at the way things went today. There was no rational reason to short the NAZ index given the discrepancies pointed out by t2k regarding IBM's comments on y2k and the comments of EMC,MSFT,SUNW, etc.. Why was it down nearly 50 points at the open of todays market? I think my original posit is not too far fetched an explanation. JFD