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

To: Wildstar who wrote (44875)	5/16/2000 10:49:00 PM
From: Jacob Snyder	Respond to of 74651

re: "But the market isn't rational, and has not been anything resembling "rational" for the past 2-3 years." I have an abiding Belief in the underlying longterm Rationality of the market. Fundamentals (interest rates and profits) ultimately control stock prices. And the market has been rational. The bear market started in April 1998. That's not a typo. For most stocks in most industries, there has not been a recovery from the October 1998 lows, back to the previous highs. This bear market, now 2 full years long, has been masked by the immense gains in a very few stocks. The AMATs and INTCs have (until recently) kept the averages up, while the vast majority of stocks go down. My game plan hasn't changed. I'll be buying the 2003 MSFT LEAPs. And I'll have cash at the bottom to do lots of buying. I always pay lower prices than investors who are desperate to participate, are afraid of missing the party, and are impatient. Of course, sometimes I do miss the party, :) Actually, I only sold my MSFT stock, using market orders. I set several limit sell orders for my LEAPs, each one at slightly lower prices, but never quite got a fill, so I'm still holding them. The market maker was trying to scalp me with his spread, and I wasn't that desperate to get out. I'll go back to fencing with him tomorrow.