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Strategies & Market Trends : Bill Wexler's Profits of DOOM -- Ignore unavailable to you. Want to Upgrade?

To: Michael Bidder who wrote (4184)	1/12/1999 3:06:00 PM
From: BelowTheCrowd	Respond to of 4634

Michael, I'd be cautious right now, a couple of things bother me about internet stocks (above and beyond the normal "long term valuation" concerns): * This morning, USA Today ran a special on internet stocks, which almost entirely failed to note that these are still speculative, highly volatile investments. They all but recommended a few of them. I am reminded of J Paul Getty noting that he avoided the Crash of '29 because he decided that when his shoe-shine boy was giving out stock tips, it was time to get out. I see USA Today and its readers as being closely related to Getty's shoe-shine boy. * Even Cramer has been very cautious the past few days, suggesting that any sensible investor need to take money off the table at times, and that this may very well be such a time. A fairly remarkable turnaround from last week's talk about the need for "discipline" in holding positions. AMZN has already warned about their failure to improve margins despite significant revenue growth. YHOO may put in some cautionary statements when they report earnings today. In either case, I have a feeling that the YHOO earnings could be at least an intermediate top, with a fairly pronounced selloff in the next few days. (Not to say it won't eventually go higher, but it'll probably go lower first.) My opinions only. I'm neutral on the whole group. mg