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Strategies & Market Trends : Trader J's Inner Circle -- Ignore unavailable to you. Want to Upgrade?

To: Canuck Dave who wrote (14222)	5/7/1999 1:05:00 PM
From: Nicole Bourgault	Read Replies (1) \| Respond to of 56535

Small rally on Imon at present. Why I did not buy any when I spoke about it?

To: Canuck Dave who wrote (14222)	5/7/1999 2:02:00 PM
From: Trader J	Read Replies (1) \| Respond to of 56535

TRADE: Got NETO @ 14 3/4. Who know...just maybe. Tj

To: Canuck Dave who wrote (14222)	5/7/1999 2:51:00 PM
From: American Spirit	Read Replies (2) \| Respond to of 56535

Slow motion market. It's Friday. Greenspan probably won't raise rates but seemed to caution he might in the future. On the other hand the Yugo war may soon be over. That could bring oil prices back down. No more inflation? The markets could rise again. Traders exhausted and confused about direction. What happens next? Easy to be bearish but you could be dead wrong. Many stocks cheap assuming we start rallying, but no one jumping on the bargains yet. On the other hand, many don't want to sell at these lowish prices. Next week could be a very different story and a sharp rally could come soon so many are just holding positions, nibbling a bit and waiting. Others are staying on the sidelines waiting. A lot of money could come in fast. Or remain out for awhile. Also, the ATT deal has rearranged the internet chain of command. AOL is no longer the king. And neither are YHOO and AMAZON. Don't underestimate the importance of that move. The strategic position of all net companies has to be re-examined after this deal. Within a year or so customers will be getting broadband TV-internet service. Who will bebefit and who will get hurt? ATT has made the deal of the decade here IMHO. They will allow access to ISP's but they really make most of the rules from now on. They brought MSFT in as a partner neutralizing the one competitor who could oudbid them. ATT controls ATHM, XCIT, Roadrunner, part of Time Warner, and more. AOL now has to make some kind of big move, but what? Will they try to take on ATT or just become a customer and content provider? Will they still be able to charge $20 a month? The market is becoming more rational and investors more cautious. I see many tech growth stocks with lowish PE's being ignored here. Basically we are in a holding pattern with a little bargain-hunting going on. Stock-picking is the name of the game now until the tide rises. You really have to know how to pick them now. Yesterday's high fliers aren't necessarily the same as tomorrow's. The weekend off will be good for investors to do their DD and make up their minds. I still like BKS for the next few weeks, ATT-ATHM-MSFT, top drug stocks and select beaten-down net and software stocks.