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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Earlie who wrote (48347)	2/22/1999 7:12:00 PM
From: Knighty Tin	Respond to of 132070

Earlie and all, I am chomping at the bit to buy more puts and I am he who will bell the cat. No guts, no cat eating me. <g> This rally today was so ridiculous that I have to fill the part of my second third that currently lies fallow. Then I plan to start on the third third. My gut tells me the tech world ends in April, but my mind tells me to add slowly over the days ahead. Good call on the horse latitudes part of the reporting year. I just wish Dell would get up a bit more. BTW, my gut vs. my mind reminds me of an old John Prine song: "Dear Abby, Dear Abby you won't believe this. My stomach makes noises whenever I kiss. My girlfriend tells me it's all in my head, But my stocmach told me to write you instead. Signed, Noisemaker." <g> MB

To: Earlie who wrote (48347)	2/22/1999 11:13:00 PM
From: Kailash	Read Replies (1) \| Respond to of 132070

Will we finally see 10,000 and die is what I'm wondering. Surely if a single day's euphoria can lift us 200 points we can take out this number everyone is talking about. We need to see the Grail and realize there is nothing to it - just a giant downhill from then on. Can the bulls take the ball and run with it for a whole month? I think we'll make the ten thou in March just because it's there. Kailash

To: Earlie who wrote (48347)	2/23/1999 11:32:00 AM
From: Eggolas Moria	Read Replies (1) \| Respond to of 132070

Hmmm . . . you really should read the op-ed piece by noted liberal Richard Cohen in today's Washington Post: washingtonpost.com some things are just unexplainable.<g>

To: Earlie who wrote (48347)	2/23/1999 11:42:00 AM
From: yard_man	Read Replies (1) \| Respond to of 132070

Today is pretty frenetic, too. I expect you are right about this being short-lived. You have well documented, as have other on this thread, the state of the PC biz. It can't take long for this to filter into prices of both the PCs and the components -- as you say it will be PCs first -- Surely there will be huge drops announced within the next couple or three weeks and mentions of the overhang ...

To: Earlie who wrote (48347)	2/23/1999 11:44:00 AM
From: yard_man	Read Replies (2) \| Respond to of 132070

This dude has been reading you guys ... <g> thestreet.com Big-cap tech stocks are stretched. Ever-larger index funds, closet indexers (like Fidelity Magellan, perhaps) and even value funds (the Legg Mason Value) keep buying the S&P 50 and the Nasdaq 20. These are great companies, but multiples of 50 to 75 times earnings mean they are stretched like a huge rubber band that most people think is going to fly across the globe. The risk, of course, is that when it snaps back, it is going to hurt a lot of fingers. In other words, when index funds stop working, the unwinding is going to be nasty. Fundamentals (except for Dell (DELL:Nasdaq)) seem fine -- just don't expect 25% to 50% annual returns from large-cap tech stocks. Speaking of Dell, it's funny that the Street still doesn't know what went wrong there. But it's clear that the company's growth, which was in the 50% range, is falling to a range of 30% -- and only 7% on a sequential basis. The former supported a stock price of $110 -- the latter, maybe a price of $40 to $50 a share. Don't get me wrong, Dell is a great company, and judging from the overflow crowds at the Goldman Sachs technology conference, Michael Dell is a rock star for people who wear ties. But when you are priced for 50% growth, there is zero room for error.