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Two weeks ago I bought Amazon at 173 and it closed at 136. I also bought EBAY at 188 and it closed last week at 176. The short term market dominated me and left me gasping for air as the tech bears continue to growl louder.
However, all wasn't bad as ATT started the week at 51 and closed over 60 at the end of the week. ATT and the rest of the bandwidth builders: MCI Worldcom, Qwest, Lucent, and Cisco are all very attractive long term buys. These companies are building the future pipeline that will carry the knowledge economy's data as the internet and electronic commerce continues to explode.
EMC also was crushed last week with the announcement that HP will stop selling EMC products as a result of a new deal with Hitachi. I think EMC is a fantastic buy right now. Although HP sold about 15% of EMC's total revenue, it's likely that the end corporate customer will continue buying EMC's product directly without the HP channel. EMC's products are better than Hitachis and you can expect this will be a short term setback. Therefore it's a great buy at 97.5, especially looking at it's 52 week high of 134.
Overall, if you have long term goals, the Market Leading Technology stocks are on sale and represent a good buy, especially the above mentioned stocks. Of course, you will need Guts to buy them now.
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