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

To: johnd who wrote (43038)	4/23/2000 11:27:00 PM
From: J. P.	Read Replies (1) \| Respond to of 74651

I have no idea where MSFT will be when the dust finally settles on Monday, but the consensus on the internet seems to be that this stock is headed much lower. Perhaps this is true, and the stock will fall huge tomorrow. But I've rarely seen the consensus be correct in the direction, particularly short term, of an individual issue or the market. It's also been my observation that excessive bullishness as represented by call buying in MSFT has been greeted by a nice drop in the stock. A recent example is rampant call speculation on rumors of a settlement, only to be greeted with a nice drop in the stock when rumors went unsubstantiated. There was also rampant call option speculation on the previous quarter's announcement, which was also greeted by a steep drop in the price. I've observed heavy put buying and no rampup prior to this earnings announcement. Tomorrow it will be interesting to see if the market reacts in a direction contrary to majority expectation and MSFT actually gains in value by the end of the day.