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To: LOGAN12 who wrote (8675)5/25/1999 5:29:00 PM
From: Jenne  Read Replies (1) | Respond to of 19700
 
Gotcha.. how bout Cramer..

QQQ Gets Quashed
By James J. Cramer

5/25/99 4:49 PM ET


You just witnessed a massive sale of QQQ (QQQ:AMEX). Millions upon millions of dollars of this instrument, which then translated into a giant puke of all sorts of Nasdaq names. The QQQ is one of those instruments that looks like a hand gun but packs the punch of a bazooka. Today it was loaded with mutual fund armor piercing shells and it punctured its target.

This was one of those days that seemed like we had extended hours of trading already, as people were still trying to get me to buy NDX merchandise after the bell. To mix metaphors, that's like getting punched after the match is over.

Wish there could be a silver lining. I started some dot-com positions today, small, trying to play contrarian, but, when I was in my own corner minding my own business, my heavyweight opponent, the underwritings, came over and smacked me, and then the ref kicked me in the shins to boot. In other words, no bottom yet.

And more supply beckons.

Random musings: To make matters worse, feels like there is a preannouncement out there in tech land.