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Technology Stocks : Amazon.com, Inc. (AMZN) -- Ignore unavailable to you. Want to Upgrade?

To: Mark Fowler who wrote (41780)	2/23/1999 4:45:00 PM
From: Mike M	Read Replies (2) \| Respond to of 164684

There is no leadership in this market.<< quote.yahoo.com^PSE&d=3ms Mark, I appreciate the difference in viewpoint. But, we aren't going to agree on this one. Here we are about 100 points from the all time high in the DOW and today we have 53 new highs and 91 new lows. Yesterday the market was up over 200 points and we had 900 more advances than declines (on only 700M shares)...Today the market is down only 8 points and we have nearly 500 more declines. The advance/decline lines for both the NYSE and NASDAQ are very close to breaking their Oct 8 lows. If that isn't bad enough 71% of the NYSE stocks remain below their 200 day moving averages thus in long term downtrends(quoting S&P Marketscope)...If, as I suspect, the big leaders in technology are starting to roo over, the overall market is in for additional trouble. At this point I feel that the market needs to recharge its batteries before it can make any kind of sustained move higher. I have been a student of the market technical conditions for over 30 years and cannot remember a time when these technical factors have not forecasted a correction. I never said anything about inflation but I recognize interest rate turbulence and we are experiencing some now. Perhaps it will resolve itself as you wish. I happen to believe that the safest place to be for the next few months is primarily on the sideline. By the way, your short term analyst bullishness reading does not track with the intermediate term and that is what I am more concerned with. Mutual funds have a very large percentage of their investment dollars committed (again source Marketscope) All for now, Mike