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Strategies & Market Trends : The Thread Formerly Known as No Rest For The Wicked -- Ignore unavailable to you. Want to Upgrade?

To: MARK C. who wrote (13228)	2/16/1999 4:43:00 AM
From: Neil H	Read Replies (1) \| Respond to of 90042

MarkC Similar sentiment from Cramer column yesterday Excerps: Now I am thinking that the same thing is going to happen with The Stocks Everybody Loves, or TSEL. Yep, we are seeing cracks in TSEL. Dell (DELL:Nasdaq) gets knocked over by a feather, an analyst number cut. Cisco (CSCO:Nasdaq) trades awfully. Intel (INTC:Nasdaq) is hostage to whoever whispers last. And I am long these stocks! Can you imagine what the bears are saying! But contrary to what everybody would believe, I think this defrocking of the leadership might be good news because it could lead to other sectors and other stocks doing well. We have all played TSEL to the hilt. We have taken the multiples about as far as they can go without being Japan 1989. We have embraced the cult of management personality to the point where if one of the top honchos of TSEL were to leave or fall ill, it would take the whole company's stock down with him. So, I think the big surprise of this current move is that when The Stocks Everybody Loves get hammered, other stocks will not follow this leadership. Unfortunately, this bull market has gotten way too narrow. We need to see people willing to leave big-cap growth and find other names. That's what is happening now. If you are long TSEL, do you have to abandon ship? As always, I can only tell you what I am doing. I have scaled back my positions in TSEL. I have cash on the sidelines. And I am awaiting a leadership switch to less inflated stocks. In the meantime, if TSEL keeps ramping,