The market showed good resilience today, aided by news of IBM's and Microsoft's announcing stock splits. This market's morale is particularly driven by high-tech stocks, and as long as there is eagerness to bid them up, we won't see big general declines. No doubt that's because technology is America's trump card in world competition. I heard that 9 out of ten high- tech companies are based right here in the good old U.S.A.

The other side of the coin is that the "best" high-tech's are too expensive on a P.E. basis, so I would wait for any pull-back in price to buy in. But if you own any, just hold them, because market timing will hurt you.

In the meantime, accumulate cash for a chance to buy in lower. Of course, if your research/information indicates that there is a special situation deserving of your buying in, than do so. Make up your mind and just do it, because in the market, hesitating is no virtue. Stay Tuned.

The Market Pro - January 25, 1999