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Technology Stocks : John, Mike & Tom's Wild World of Stocks -- Ignore unavailable to you. Want to Upgrade?

To: wlheatmoon who wrote (247)	1/5/2000 9:53:00 AM
From: John Pitera	Read Replies (1) \| Respond to of 2850

Let's be careful in here if the NASD goes substantively below 3825 then we will see a larger correction. That is what I envision. geocities.com geocities.com geocities.com DIS is really doing well in this environment. JOhn

To: wlheatmoon who wrote (247)	1/5/2000 9:58:00 AM
From: John Pitera	Respond to of 2850

BMCS, AMZN, ORCL Not having nice days. I think Hays makes some very good points. MORNING MARKET COMMENTS by Don Hays January 5, 2000 You're probably expecting a very detailed comment from me this morning, but it is not to be. The flu bug came to visit me yesterday as the cold, cold breeze of the market sell-off was sweeping across the world. So my primary motive today is to get back to bed. But with the sharp sell-off I can't totally cop out, so here I am. The similarity with the 1972-73 market continued for the last two days. In 1972 the hot bubble was in the Polaroid's, the McDonald's, the Avon Product's so the index that gave them extra weighting, the S&P 500 had made a new high in late December, and then even though the advance/decline line was falling once again, that index made one last high on the first trading day of the year. This compares with the NASDAQ composite's new high on Monday. The next 7 months were almost continuously down. When you have markets such as we have been having, led by the momentum players, who don't buy on pull-backs, but rather on upside break-outs, the first part of a bear market doesn't faze them, since they are still confident the next upside breakout is right around the corner. But after a few weeks of mayhem, they then change to a mindset of getting out when they can get back even. Of course the market doesn't accommodate them, and finally they turn into margin calls and a forced exit. That leads to a buying juncture. But yesterday didn't scare anybody. The CBOE put/call ratio was only 55%. The commentators were saying only a few days of this, and then the market would get back on track. I expect this market to continue to follow that 1973 trek, so stay tuned. Hopefully this bug will make a short and quick departure, but I know that sounds like a momentum investor on the first serious downsweep.