To: Al Cano who wrote (2270 ) 10/3/1998 11:18:00 AM From: Stephen Read Replies (3) | Respond to
Al Cano, From what I saw of the bid/ask size action on Friday , at least till the last half hour, there seemed to be a sell off by the larger blocks that were being bought by small bids. Don't know if this was manipulation in any way (doubt it) but seemed indicative of the market where I saw bigger players selling into strength and smaller players making the bids on some of the other stocks I play. Make what you will of it, but it looks to me as if the smart money is still leaving the market, which is consistent with comments I've heard elsewhere. I don't hold a position in CMGI, just played it on Friday. As long as the Brazilian elections go as planned and the overseas markets behave, I don't see why there shouldn't be a positive opening Monday. However, whether the market buys the verbals is another question. Sentiment had been that all the actions being taken were an indicator of how serious things were. On Friday it seemed to me that we heard the President and Rubin say that things don't have to fall apart if the US acts now - I personally didn't find those words encouraging. Yahoo's earnings are on Wednesday .... prior to which the stock should do okay .... course ... after that ... who knows. I always thought of this as an internet play to hold ... but with the growing crowded internet market, and the likelihood that as well as the good co's they have they also, as venture capital bods have some duds, well ... lets just say they need to continue to stay on their toes. Also, as they generate a great deal of their earnings by selling the family jewels, they need to keep that pipeline coming ...... you get the picture.
