Bottom May Have Been Reached (For Now)
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Investors cautiously move back into some Internet stocks after the recent selloff while StarMedia (NASDAQ:STRM) debuts as the strongest of a handful of IPOs today. Overall the market finds a positive tone with the Dow, NASDAQ up over 1% each while ISDEX gains 6%.
I believe the Internet sector could swing and sway 10% each way for the next several weeks, tossing out the speculative stocks in the IPO pipeline but creating buying opportunities for some of the market leaders.
I expect institutional support for these larger cap Internet stocks provides some underlying support levels at the same time on a price per share basis they may become attractive to retail investors.
For speculative hunters I think the summer may prove tough going and that the value could exist more in a core of Internet stocks riding out the storm.
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