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Technology Stocks : Qualcomm Incorporated (QCOM) -- Ignore unavailable to you. Want to Upgrade?

To: Curbstone who wrote (120342)	6/14/2002 8:37:10 AM
From: Wyätt Gwyön	Read Replies (1) \| Respond to of 152472

I've only been in the market for 5 years or so. if you are still young, pray for a long bear market that lasts through all your earning years. that way you can buy stocks when they're cheap. then when you're ready to retire, pray for a bull market to make your stocks expensive when you're ready to cash in. those are the ideal market conditions that obtained for workers in the 70s/80s and retirees in the 80s/90s. Can you tell me what happened to all my money? i'd need to see your brokerage statements to give an opinion on that. Did it simply vanish or did the shorts, or "houses" somehow get it? And what of all those billions of market cap that are now missing? Where did they go? Into someones pocket or did they vanish like the fog? some went into peoples' pockets, but probably most "vanished like the fog". why? because valuations are created at the margin. this morning QCOM is trading down 4 bucks and change. that's more than $3 billion in market cap. did $3 billion "leave" QCOM, in the sense of $3 billion worth of stock being cashed in or something? no. on Island, only 100,000 shares have traded, or about $29 million. so $29 million of real cash on Island (plus whatever's sold on Instinet) has had the marginal effect of lopping off $3 BILLION in valuation. that's just how valuations get set on a day to day basis (although today is of course extreme). the opposite can of course happen on big "up" days. the biggest dollarwise, of course, being the fantastic (for longs) 125 or 150 points or whatever it was gained the day that Piecyk called for a $1000 price target (presplit).