To: TokyoMex who wrote (2028 ) 9/17/1998 5:26:00 PM From: Stephen Respond to
TM ... I didn't say you wouldn't be right eventually .. but I thought we were making the price action calls for today ... and that includes the general market conditions to which I keep refering. So ... chop chop (GG). As for tomorrow, we'll see. There seems to be more likelihood of bad news rather than good, and all the international markets have had a pop recently, so that the continued sell-off to lock-in profits looks far more likely imho. Also, the confidence that the worst is over (how many times have I heard that) was changing sentiment ... and that will be harmed by today. TA still says down so why not. As for CMGI, it can't seem to maintain a rally, which is very disappointing as other internet stocks have done better. That worries me a little more. Perhaps you can help me here ... they get their income from their venture capital loans, so unless someone defaults, they pretty well know what their earnings are. Also, they can always raise capital by selling their equity stakes (in Lycos etc), so moneys not a problem. (is this taken as a one time gain so not included as EPS ?? .. I thought I read somewhere they had previously included this and am not aware of how strict the rules are). I know they are currently expected to perform worse yr on yr qtr comparison for this qtr, and that earnings have been steady since a slight reduction from the 90 days median ... the question being I guess .... is there really any chance of them missing ?? (I only ask this because of the price action - and I need to have confidence before I venture back into this particular pool of water)
