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Technology Stocks : Novell (NOVL) dirt cheap, good buy? -- Ignore unavailable to you. Want to Upgrade?

To: Paul Fiondella who wrote (20796)	3/6/1998 5:45:00 PM
From: Steve Fancy	Respond to of 42771

off topic MSFT will do it for technology, IBM wouldn't be good either. Another by the likes of a Disney won't help either. Don't want to see the house brought down, but looking forward to a treasure chest of put selling opportunities through early April. sf

To: Paul Fiondella who wrote (20796)	3/6/1998 6:00:00 PM
From: Frederick Smart	Read Replies (2) \| Respond to of 42771

>>This market is getting to end of its rope. The Dow is at 22 times earnings.>> Keep selling Paul. Others are buying. Cumulative impact of productvivity gains from technology, employment rechannelling, lower interest rates, mortgage refinancings, lower tax rates and industry consolidation - is huge. Add in the Roth, Education and other IRA's that are feeding this for the short term. Sure this won't go up in a straight line. What surprised me yesterday was the extreme bearishness that all of a sudden surfaced. I was smack in the middle of one of largest BD trading floors in the U.S as we hit the opening. Based on a casual tracking orderflow commitments - electronic messages to buy/sell - this manic bearishness is still rampant. We need to see more buyers reaching in hoards before an intermediate top is set. Why didn't the market go to hell in a handbasket over the Asian flu late last year?? Because "the crowd" bought the story and voted with their feet. And it will take "the crowd" to finally throw away their hesitancy and buy by reaching for stock - just at the wrong time - for us to set a shift in momemtum. Paul, don't fight the tape. We are getting close, but not quite there. Longer term, the market wants to see 10,000 on the Dow. And we will get there sooner than we think. What about Novell??? See my last post. Sorry for the digression Good luck!

To: Paul Fiondella who wrote (20796)	3/7/1998 8:26:00 AM
From: dwight vickers	Read Replies (4) \| Respond to of 42771

Paul, "The Dow is at 22 times earnings". And the S&P is at 26 times, with earnings expected to grow 3-4%. Fascinating. I wonder when the incongruity of that will start to sink in. However, as bearish as I am long term, the sentiment isn't right for a major secular top. A big decline to scare everyone could happen any time from these levels. And maybe the hook this time will be sentiment not confirming. But the market acts like it's going to go up no matter what external elements are appearing. Just like every other major top in history. We could see 10,000. It would only take a couple of days in a blowoff. But the risk to long term investors is so extreme, it's horrifying. Dwight