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Technology Stocks : Seagate Technology -- Ignore unavailable to you. Want to Upgrade?

To: DJBEINO who wrote (7236)	4/20/1999 6:21:00 AM
From: William Epstein	Respond to of 7841

To All; With respect to yesterday's market. The NYSE recorded the second largest volume day in history. The DOW went up 250 pts. and then plummeted to a loss of 83 pts. and finished at a loss of 59 pts. Some called it a volume reversal day. Indeed, it was. This was a day of massive shorting when all of the specialists were reversing position by going short. Also sometimes, called a "Bear Raid" on the market. We have just witnessed one of the biggest in history. This was accompanied by a massive drop in the NASDAQ index. Also the second largest in history. It was pretty clear about 2 weeks ago when the DOW was struggling to close above 10,000 there was resistance at that level. I believe this was the signal for the specialists and many fund managers to reverse their positions for a raid. Everyone has commented on the overvaluations in the market, in general. Well, now we,ll see a coming correction. The high techs. haven't lost their leadership position. They are now leading the market DOWN. Typically, the switch to cyclicals marks the end of a bull market sequence. We have seen it for the last month or two and that is disturbing. Whether or not, it has meaning this time is anybody's guess. Usually Bear Raids don't last too long (2 wks.-3 mos.) but this could be the end of the bull market for a while. Make your own portfolio adjustments. There is not much time left. How this will affect SEG is also anybody's guess however, I don't believe SEG will be spared. PHOTOMAN