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Technology Stocks : Cisco Systems, Inc. (CSCO)
CSCO 76.54+0.6%9:40 AM EST
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To: Jacob S. Rosenberg who wrote ()5/31/2000 4:57:00 PM
From: bambs  Read Replies (2) of 77400
 
If Friday's employment numbers show that unemployment is unchanged or down then I think we will break 3000 in June.

If Friday's numbers show that unemployment is up a fair bit then CNBC will parade out the old bulls like Joey B. and cry rally. I now it won't hold but I see a chance of a test of the 200 DMA. If broken their will be a failed test of 4000 before we take out 3000.

Given that yesterdays rally couldn't follow through in the face of todays economic numbers I think Friday's reaction is very very important.

Since Greenspan set out to slow the economy down, I've been saying that this action is terrible for techs. I think the reality of a slowed economy will take us below 3000. As the old economy stocks disappoint, so will tech.

You have to be careful what you wish for. I think the bulls want to see a slow down in the economy so they can rally. I think a rally because of a slow down is foolish. I think when the slow down really hits the revenue and earnings disappointments will finish off this market. It may take a couple of quarters to get a true picture of how these growth stocks are going to hold up.

I wonder if there will be any earnings warnings coming soon. I think there will.

Bambs
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