Hi Pareto...good thoughts for t_b and all of us....with news like the article below, it certainly shows GNET isn't alone in the morass ....although since most of us are GNET longs, we all are anxious to have something POSITIVE happen. When we just think over all the past few months, it is no wonder that so many have just left for awhile to 'get a life'...
Business events: AOL/TW planned merger...has this changed things for GNET?
MSFT: How has this affected our major stockholder, Paul Allen....Has the complete farce of a trial made us all more cynical?
FED: Nuff said here....
Government: Probably another ditto here, except it makes many of us wonder who is minding the store?
ETC ETC ETC
In the meantime, we just believe that Mr. Horwitz and all the GNET employees are moving ahead with their vision...even if it's hard for them and us to watch the daily sideways and downward movement.
I'm continually amazed at how many times a month we see the comments "Cash leaves Technology..." "Cash comes back to Technology" .....Are the large financial institutions the only ones who "win" by moving large amounts of money back and forth on a daily basis??? Is Technology good for the long term (here defined as 1-2 years), or isn't it? If not, what else is?
KLP
PS Sorry to hear about all the floods there!
bold below is mine
Blue Chips Gain As Cash Leaves Technology
By Kristin Roberts Jun 14 4:59pm ET
NEW YORK (Reuters) - Technology stocks rolled back on Wednesday as investors rotated cash between sectors, taking cues from company-specific developments after economic news failed to provide direction.
Investors' cheer was somewhat subdued in reaction to a market-friendly U.S. Consumer Price Index (CPI) report for May, but some interest-rate-sensitive stocks headed higher as traders digested the figures.
``It is a very bizarre day,'' said Mike Feeney, editor at independent market research firm Wall Street Strategies. ``A number of sectors are moving the Dow higher and we have pockets of strength in the Nasdaq.''
``It's just a sector-rotation story today,'' he said.
The Nasdaq composite (.IXIC) dropped 53.65 points, or 1.39 percent, to 3,797.41 -- nearly erasing Tuesday's 57-point gain. Wednesday's drop brings the gauge down 6.68 percent this year.
Weakness in technology leaders, including Intel Corp. (INTC.O), along with biotech and Internet shares, offset gains in Microsoft Corp. (MSFT.O).
The blue-chip Dow Jones industrial average (.DJI) climbed 66.11 points, or 0.62 percent, to 10,687.95 -- lifted by a diverse group, including J.P. Morgan & Co. (JPM.N), Exxon Mobil Corp. (XOM.N) and Minnesota Mining and Manufacturing Co. (MMM.N). The Dow is still down 7.04 percent year-to-date.
Broader measures of the market struggled near the breakeven point, straddling the tech and non-tech worlds. The Standard & Poor's 500 index (.SPX) rose 1.10 points, or 0.07 percent, to 1,470.54, while the Wilshire 5000 index (.TMW) slipped 17.63 points, or 0.13 percent, to 13,670.22.
Trading was light as market players held back ahead of a Federal Reserve decision on interest rates and the start of the quarterly earnings reporting season at the end of June.
The session was so slow, shares of overseas companies trading on Wall Street received heightened attention, making the list of most active stocks on both the New York Stock Exchange and the Nasdaq.
``There's just no direction,'' said Paul Cox, manager of the Commerce Mid-Cap Fund at Commerce Bank in St. Louis. ``What is the phrase? Backing and filling.''
Company-specific developments shaped trading in most sectors after economic news offered investors a mixed picture. While recent data has hinted at a slowing economy, central bankers say it is too early to declare victory on inflation.
The U.S. Labor Department reported its monthly Consumer Price Index edged up just 0.1 percent in May, compared with Wall Street expectations for a 0.2 percent gain. Core CPI, which excludes volatile food and energy prices, rose 0.2 percent, matching consensus forecasts.
``It's confirmation that there isn't any big uptick in inflation out there,'' said Tony Dwyer, chief market strategist at Kirlin Holdings.
Still, Federal Reserve Bank of San Francisco President Robert Parry said he saw inflation pressures but was cautiously optimistic that growth was slowing. The comments came just two weeks ahead of the Fed's next rate-setting meeting.
The Fed's Beige Book summary of coast-to-coast conditions reported ``solid economic growth'' but with glimmers of slowing in areas like borrowing and homebuilding.
Bond prices climbed, with the 10-year U.S. Treasury note up 17/32, pushing the yield down to 6.04 percent from Tuesday's close at 6.11 percent. The 30-year Treasury bond rose 16/32, with the yield at 5.91 percent, down from Tuesday's 5.95 percent.
Microsoft was the most heavily traded stock on Wall Street, up 2-5/8 to 70-1/2, with more than 39 million shares changing hands. The shares rallied on news that a federal appeals court would quickly hear the software giant's arguments for not splitting up the company under a court-ordered remedy for violating antitrust law.
Leading financial services house American Express (AXP.N) closed up 2-3/8 at 56-7/8 and touched a new high of 57-3/16 after entering a deal with Japan's largest credit card firm to increase the number of businesses in the Pacific region that accept payment by their card.
Canada's Nortel Networks (NT.N)(NT.TO) was also active, up 1-9/16 to 64-9/16 with 14.6 million shares trading, after the world's No. 2 network equipment supplier said it would pay $275 million in stock for software firm EPiCON Inc.
From India, Internet portal Rediff.com India Ltd. (REDF.O) surged 7-5/16 to 19-5/16 on its first day of trade following an initial public offering of ADRs, or American Depositary Receipts.
Britain's Independent Energy Plc (IEH.L) (INDYY.O) saw its ADR hit Nasdaq's most-actives list, losing 6-1/4 to a new low of 8-1/2 after the company said it was taking longer than expected to resolve billing problems.
Profit warnings continued to plague issuers as the corporate confessional season came into full swing.
Car maintenance service provider Midas Inc. (MDS.N) dropped 4 to 21, nearing a 52-week low of 18, after saying earnings would fall short of Wall Street's targets. The stock was one of the leading percentage losers on the New York Stock Exchange.
In other market news, members of five organized crime families, two chain restaurant officers and a long list of brokers were charged in a mammoth securities fraud case. Federal authorities said 120 people were charged in wide-ranging nationwide stock fraud schemes that caused losses of more than $50 million.
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