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Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: Stock Farmer who wrote (2211)	3/1/2001 9:12:03 PM
From: Street Hawk	Read Replies (1) \| Respond to of 74559

Market Thoughts Post bubble markets are very different from normal trading markets. What has gone on over the past 5 years, and especially the past 2 years, is one HUMONGOUS anomaly which heretofore will be unrivaled by anything that will occur to those alive today. In what has become one of the most blatant signs that the public is usually ignorant, investors are more bullish now than in 1998 when the bubble started to go parabolic and when it really paid to be bullish. Now, all the dipsters are banging their heads against the wall looking for the fleetest of sharp bear rallies to dump their 200% margined to the hilt tech portfolios rife with overhyped high flyers such as ARBA, ITWO, JNPR, BRCD, etc. Too bad everyone else holding them is thinking the same thing. Tonight's ORCL miss and subsequent 20% haircut shows that expectations still haven't been ratcheted down to levels where these disappointments are not met with tons of selling. And value managers won't even come close to bloated no growth techs like ORCL which are still absurdly valued, but look cheap on a 1 year chart(due to bubble upmoves in 1999 and 2000). What is fair value on the Nasdaq and where does it go from here?