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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: Clint E. who wrote (18987)	12/21/1998 10:59:00 AM
From: space cadet	Read Replies (2) \| Respond to of 68005

hi Clint, yes I blew it on kea but I still have hopes for it returning to 35 before earnings, in which case I will do alright. Unlike psft their earnings estimates are going up, not down and eventually wall street must take notice. Anyway looks like we are in the middle of a melt-up. I bit the bullet today and got into dell options. It's a little scary because this is now just blind panic buying, like the blind panic selling in August and October. I was looking for a fairly normal earnings rally into Jan and Feb. I think now that this very well could be a short massacre and we go up another 30% on the Nasdaq (and maybe half that on the S&P) by Feb. At that point, if it happens then I think the game is over and we melt back down. IMO what we are seeing now is irrational unsustainable panic, lead by the internuts. Valuations should be so totally out of whack by Feb that we could see another severe correction since we will be up by 75% or something ridiculous like that. I know for a fact that a lot of conservative long term ge coke disney type investors are now getting into csco aol yhoo cmgi etc. These people have never played these stocks before and they represent the "real" money in this country. Let's see how high these people can drive these stocks before the inevitable correction. I noticed that what everyone is looking for is earnings growth and now peg of 2 is considered excellent. Of course, that's understandable since the dow type stocks are barely growing at all, with p/e's in the 20's...