Forum Archive Index - February 2000

["Matthew Van Veen" <mattvanveen@hotmail.com>]

Interesting price in the US for ITC. The IT Investment meeting tomorrow in 
Auckland may also have some bearing with alot of heavy investors invited. 
The NASDAQ fall may have a bearing but like Ben mentioned this has already 
hapened this year and will happen again. With 2 weeks to go until end of Feb 
I will stick with my $1 a share prediction.



>From: "Ben Dutton" <bendutton@sharechat.co.nz>
>Reply-To: sharechat@sharechat.co.nz
>To: <sharechat@sharechat.co.nz>
>Subject: Re: [sharechat] Pressure on all NZ tech stocks tomorrow?
>Date: Sun, 13 Feb 2000 17:18:43 +1300
>
>Hi Brendon,
>
>Yes it's a possibility, but the quote you gave omits the fact that the
>Nasdaq index kept on breaking all records last week -- it closed at a 
>record
>4,485.63 on Thursday -- an absolutely stunning performance that was largely
>driven by the Internet sector.
>
>Friday's action on Wall Street was a bout of old fashioned profit taking --
>which is far more healthy for the market as a whole than a continuos upward
>momentum, and absolutely natural considering the gains that had been made
>during the week.
>
>Now the NZSE hasn't really followed many of the Nasdaq's gains this week --
>and our tech sector has proven pretty resilient against any "dips" on Wall
>Street.
>
>Lets not get to worked up about this small drop, we've seen it before this
>year and I'm sure we'll see it again.  As James Cramer says on
>TheStreet.com, he loves it when his favourite stocks take a hit, because it
>means another buying opportunity!
>
>ITC is an interesting situation.  There's obviously a very, very large
>discrepancy between what people in the US are paying for this coy ($1.05 
>per
>share) and its closing price here in New Zealand (80c).  All you arbitrage
>traders out there take note -- we'll either see the share jump up on Monday
>morning to the level traded in the US, or it will stay around the same 
>level
>and come Monday US time, we'll see the share price over there fall to the 
>NZ
>level.
>
>Interesting times nevertheless!  Any other views?
>
>Best Regards,
>
>Benjamin Dutton
>
>P.S. I hold shares in ITC.
>
>----- Original Message -----
>From: brendon peters <bndpeters@postmark.net>
>To: <sharechat@sharechat.co.nz>
>Sent: Sunday, February 13, 2000 4:33 PM
>Subject: [sharechat] Pressure on all NZ tech stocks tomorrow?
>
>
> > I suspect that we will be seeing a lot of profit-taking on our local
> > tech stocks tomorrow (Sorry Ben Dutton, I think even ITC can expect a
> > few problems tomorrow)if the following excerpt from a Reuters report
> > is anything to go
> > by:
> > _____________________________________________________________________
> > _
> > Dow index in correction zone, Nasdaq also slides
> >
> > "The Nasdaq dropped 2.0 percent yesterday as investors, tired of
> > Nasdaq stocks, began to take profits, and dealt a blow to the market's
> > strongest sector.
> >  "You are seeing profit-taking in the high techs," said Alfred
> > Goldman, technical analyst at A.G.Edwards and Sons in St. Louis.
> >  "The question is whether it is going to last a couple of days or a
> > couple of weeks," he
> > said.
> > _____________________________________________________________________
> > _
> >
> > I have noticed for a while now a familiar pattern each Monday on the
> > New Zealand stock market, where the events on Wall Street (over the
> > weekend) seem to dictate the actions of investors. I suspect there
> > will once again be lots of selling...and little buying tomorrow.
> >
> > Any views?
> >
> > Brendon
> >
> >
> >
> > 
>--------------------------------------------------------------------------
>--
> > http://www.sharechat.co.nz/          New Zealand's home for market
>investors
> > To remove yourself from this list, please us the form at
> > http://www.sharechat.co.nz/forum.html.
> >
>
>
>----------------------------------------------------------------------------
>http://www.sharechat.co.nz/          New Zealand's home for market 
>investors
>To remove yourself from this list, please us the form at
>http://www.sharechat.co.nz/forum.html.

______________________________________________________
Get Your Private, Free Email at http://www.hotmail.com


----------------------------------------------------------------------------
http://www.sharechat.co.nz/          New Zealand's home for market investors
To remove yourself from this list, please us the form at
http://www.sharechat.co.nz/forum.html.