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Not Much Resistance
Shadowing Nasdaq, the Asiaweek/CNN Internet Index breaks bad again, hitting its all-time low

The year 2000 is drawing to a close, and there is still no sign of that stock-market resistance level we've heard so much about. In the last 30 days, ballot fingering in the U.S. and lingering doubts over the soundness of technology-stock earnings made a mockery of the 3,000-point level on Nasdaq, which fell to 2,700 before recovering a bit. The Asiaweek/CNN Internet Index took a whuppin', too. It now looks to be firmly ensconced below 100 points, for the past week hovering around 95. That means shares are trading at their all-time Index lows. The Asian tech-stock portfolio launched in mid-1999 at 100 points.

A few stocks, including Samsung Electronics, are off the 52-week lows they hit last month. No joy for punters holding Rakuten. Shares in the Japanese e-tailer lost about 44% in October and 58% in November. Anyone up for some year-end tax-loss selling?

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Web-only Exclusives
November 30, 2000

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Vol. 2 No. 9

Getting Religion
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