John Pitera's Market Laboratory Message Board

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Strategies & Market Trends : John Pitera's Market Laboratory

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To: John Pitera who wrote (1324)	4/26/2000 2:37:00 PM
From: Chip McVickar	Read Replies (1) of 33421

Hello John, Looking at charts I saw the Utility weekly "W" and then the daily Nasdaq "M".... As well as some pitchforks. I'd had been asking where was money and momentum going..? What was the next play..? What sector..! Remember the market conditions were changing thanks to Greenspan. This corresponded with investor sentiments and perceptions as they were digesting Clinton/Blair, biotech's and then along came the general reversal of buyer psychology surrounding the Internets. This suggested traders psychology might begin to look some where else, warm and comfortable. Furthermore there was a general flavor in the news media and analysts that what would survive would be the nut and bolt companies that were the back bone of our economy and the new economy. If you look at the Dow Utility Index companies more then half have fiber optic and/or telecommunications interests. At the same time there was a court case settled somewhere about emission controls that had been brought against some major midwest electric producers..., it was settled against them after many years, the end result was a resolution to a large hanging cloud. "Now we know our future, lets put this behind us and lets move forward." I remember reading these words by PEG's CEO shortly after the case settlement was announced. Finally deregulation nolonger as distant and terrifying.., kind of like the Y2K washed out story, maybe there will still be utilities after all...! Solstice passed, plus a new moon. Change of psychology..! Check it out Vernal Equinox on the 21st and new moon April 4. Just remembered....one of the highflying Internet Fund managers said he was buying utilities to broaden his exposure and they were great bargins. That's all I can remember...! Chip

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