Tech stocks in general get a haircut and rate worries take some of the top off Internet stocks as profit taking zaps ISDEX for a 2.79% loss to 352.32. The selloff the past few days comes on the heels of ISDEX’ 22% run this year, about on pace to what we think it should be.
Early January spikes in ISDEX foreshadowed what we believe may be the market’s expectations for 1999 for the group but we were not comfortable seeing a 50% gain the first week of the year.
For the IPO market we continue to view it as open for Internet stocks with real stories to tell. Those with marketshare or mindshare going in the gate.