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Technology Stocks : Altaba Inc. (formerly Yahoo) -- Ignore unavailable to you. Want to Upgrade?

To: hal jordan who wrote (10612)	4/26/1998 2:11:00 PM
From: Bill Harmond	Read Replies (2) \| Respond to of 27307

Hal, you and I disagree. I don't think Yahoo is a mania stock [place cat call here]. Since I don't believe Yahoo is in a mania stage, I don't think a severe reaction is in the cards. Sure, if the general market were to suffer a severe setback, I think Yahoo could go (probably on a spike) temporarily as low as 70 or so and still be in an definable uptrend, but I don't think the market is quite ready for that, and I don't think Yahoo is relatively vulnerable. Yahoo is up 15% since those blow-out numbers three weeks ago. Big deal. Yahoo has been performing within this (awesome) trend for sixteen months. Manias don't last sixteen months, especially when those sixteen months include the two severe, broad market declines we had in February-April and October-December last year. Manias are short-term periods of emotional overdrive, buying panics that take stocks vertical...way above trend. I don't think Yahoo is anywhere near a mania stage. Lycos, Infoseek, and Excite had "minor" manias in the wake of Yahoo's results, but those have been pretty-much corrected now, too, in my view. The move in K-tel, warranted to some minor degree, had more to do with short-selling dynamics than much else, and the moves in the other third or fourth tier junk, while I guess you could call it a 3-day mania, was narrowly-based and has run its course. Everybody's jumping on the bursted-bubble bandwagon now, saying that we've seen an important top...May, 1996, redux. While there is certainly speculative activity similar to May, 1996, we don't have the long-bond heading past 7%. If that were the case now, I'd be in cash, but it's not the case yet. From a technical perspective, Yahoos short, intermediate, and long-term condition looks sound. No trend lines are broken. No signs of distribution. In fact, PC Quotes' money flow tabulation was positive both Thursday and Friday. You can bet that there was an absolute ton of short interest added last week, to boot. So I'm hanging in. My portfolio has taken an 11% hit in the last four days, and that's never fun. DoubleClick is giving me some fits of angst, but I added Friday. @Home looks like the Rock of Gibraltar so far, and I added there too. I'm goin' with the flow, and keeping a wary eye on interest rates. This last week may usher in some period of rotation and relative under-performance, but not enough to make me sell any top-tier new media issues. I want to be the guy in 2006 who bought Yahoo in 1996 and enjoyed virtually the entire advance.