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Strategies & Market Trends : Fidelity Select Sector funds

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To: Shihchung Diana Shiue who wrote ()	6/19/2000 2:37:00 PM
From: selectinvestor	of 4916

From this week's commentary : The Good News The NASDAQ completed it's second week of consolidation at the 3800 level. Until June 2nd the 3800 level was the top of the trading range for the NASDAQ but after two weeks of consolidation it has probably become the floor for the next leg up in the June - July Rally. If we are to have a healthy second leg up in this rally it should start by the end of this week and build through the last week of June. A relatively gradual rally of this sort would probably be sustained into July with the markets peaking on July 14th, as expected. The Bad News If there is no end-of-quarter rally than NASDAQ 3800 could be the top of this rally and we will become very defensive early in July. On the other hand, if the end-of-quarter window dressing produces a very sharp spike over just a few days ( June 29 and 30 ) then these explosive gains probably will not hold for long and the markets could correct sharply head below the 3800 level and keep on going. So, too little or too much movement over the next two weeks will increase risks in July. Russell Cox selectinvestor.com

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