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

To: Captain Jack who wrote (36006)	1/4/2000 5:27:00 PM
From: John F. Dowd	Read Replies (2) \| Respond to of 74651

Cap'n Jack: Don't really understand it myself. 1999 took 3 rate hikes and market ignored it. 1/4 point on a smaller base is a larger % hike. No sign of inflation. Gold down nearly 6 bucks today. Oil down as OPEC is overproducing and gas prices coming down at the pump. Also rate hike fear doesn't make sense in light of bond action today because if everyone ran to bonds in the face of a rate increase then that would be like like jumping out of the frying pan into the fire as bonds are certain to go down in a rising rate environment. This was a real fear based sell-off that just kept building on itself. The sellers must be either taking profits for longest possible tax payment horizon or they suspect Earnings will not be there. Very peculiar day. Worst I have seen since '87.JFD