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To: Lizzie Tudor who wrote (86554)	12/7/1999 4:36:00 PM
From: GST	Respond to of 164685

Liz: It takes the phrase 'overbought' to a whole new level. Looks like a little nervousness out there just the same -- fear of flying? :) I have been wondering about a blowoff in the making. Look at breadth. Look at new highs/lows. And then look at stocks that are driven by 'technical' buying, like Yahoo. There are some high flyers -- but have we lost the 'soft-landing' capacity that has kept this market from doing any real damage to portfolios, so long as you 'stick with the leaders'? I will resist the urge to short Yahoo for another half day or so and then evaluate.

To: Lizzie Tudor who wrote (86554)	12/7/1999 4:39:00 PM
From: KeepItSimple	Respond to of 164685

>its not a sector move anymore but an individual stock thing. Jan, think about it. The market had been getting narrower and narrower, and then finally squeezed into 15 or 20 big cap momentum tech stocks. Why not keep squeezing further? The ultimate outcome is for everyone to just trade the same stock. After all- the market has long since disconnected from any fundamentals. It's all about the greater fool theory. Why bother with a bunch of stocks? It makes just as much sense to all pile into the same stock. And we can all get rich even faster! If yahoo keeps running like this it will eclipse the gross domestic product in less than a month. No problem, right? Asset inflation doesn't count. Just wait until every man woman and child in america is a billionaire. We'll have to start carrying wheelbarrows of money around to buy bread and milk.