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Technology Stocks : The Roaring Twenty 1998 -- Ignore unavailable to you. Want to Upgrade?

To: Mike McFarland who wrote (176)	8/27/1998 11:54:00 AM
From: White Shoes	Read Replies (1) \| Respond to of 338

Greetings fellow strugglers, Total devastation continues for the markets and the NASDAQ issues today. Bad as it all looks, things are worse in places whose currency is being routed (i.e. most countries outside the US). This just guarantees continued problems for the US markets, they are lagging the real situation out there (global flight to quality in currency and stocks gives an artificially inflated value to US stocks which will soon give way). The NASDAQ is down 4.2% [edit...make that 5.1%...it's hairy out there...just watching as bid support has completely evaporated on many stocks...my beloved short ZITL was unchanged 15 min ago and is now down another 6.5%...short sellers are finally getting their reward...IF they were prepared for this!] today...and as we are now firmly in a bear market and global economic crisis the 'dipsters' are no longer the cavalry riding in at the end of the day to 'put the Dow into positive territory'....the tide has turned. All things considered we are seeing a relatively orderly freefall as opposed to the crashes of old. This is likely misleading however, as the indices are reflective of a 'flight to quality' that has not benefitted many of the smaller stocks. The market as a whole has been dead in the water for some time. I'd say Geocities picked a good time to have their IPO <g> On the bright side, CYCH is still a bit ahead of where I just bought it. Not counting the CYCH purchase this portfolio is now at $61,676. That's a 23.3% gain on the year. Maybe all the trading is what saved us. Things should look better for a lot of these growth stocks in oh, about five years. The high flyers like YHOO and AMZN are holding up way better than they should be. That is unlikely to continue. I feel that this will be a very bad bear market.