I think you are spot on. "Don't trust this market" sums it up nicely. The last 2 years have been one big bubble, blown up by a bunch of naive, over-zealous twenty-and thirty somethings who thought they were the ones who "got it" and were going to rule the world via the internet. Maybe a little too much ectasy has fried their brains. This whole internet thing has been so totally overblown it's unbelievable! Just wait, the carnage among dot coms and their support network is just beginning. Sure you're gonna have you're Pricelines, Broadvisions, and Ebays, but for every one of them there's a thousand on the verge of collapse. Just sit back and watch the slaughter. I can't wait for the day when half those Silicon Valley hipsters have to go crawling to some "old economy" company for a real job because the world they imagined didn't come to pass. Hell I'm still waiting for the metric system and oh yeah, weren't we all supposed to be flying around in cars by now? What a fucking joke. Wake up assholes, things don't change THAT fast!! Just ask any virtual banker who's business model is crumbling: clicks & mortar baby, clicks & mortar!
Actually, right now there is some action in ATON. It was sitting at $81 this morning, I went to the bathroom, then came back 60 seconds later and it was up $4+. Obviously some people are buying in anticipation of some positive coverage.
Anyone know why EPNY is taking such a hit this morning given the analyst recommendations that just came out?
"Merrill Lynch & Co. said it raised its intermediate term rating on BindView Development Corp. (NasdaqNM:BVEW - news) to a buy from accumulate and started coverage of coverage on E.piphany Inc. (NasdaqNM:EPNY - news) with an accumulate rating." From Reuters.
I hear that they were an underwriter for this IPO. Usually underwriters come out with "Strong Buy" or "Buy". Instead they say "accumulate". Does this mean they think it is ahead of itself in terms of valuation? (At least that is what is says to me...)
By the way I think they will have a great qtr as well.