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Politics : Formerly About Applied Materials
AMAT 268.87+4.6%Jan 2 9:30 AM EST

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To: John Trader who wrote (60962)2/26/2002 9:34:59 AM
From: michael97123   of 70976
 
Hey John,
I guess i was finally right at least for a bit. Naz held 1700. My belief is that nasdaq will return to its pre-enron 5-1 relationship to the dow with the dow going to 11k in a rally scenario. I know I know that puts naz back at 2200. Old top in that range was 2300+. A little optimistic for the dows first crack at 11k but by mid year this would not surprise me. mike

PS Re enron The market has always questioned earnings quality of many cos---ibm,ge,csco and still payed richly for those stocks. What we will see is some bottom line reductions based on more careful reporting. The market will eventually view this as positive which or course it is and ultimately when earnings really pick up this will be a mere blip for pe ratios.
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