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Strategies & Market Trends : Fidelity Select Sector funds

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To: Shihchung Diana Shiue who started this subject	7/2/2000 1:15:06 PM
From: selectinvestor	Read Replies (1) of 4916

From this week's commentary : ... The Bad News The bad news is not here yet. But, the end of quarter rally was anemic and there is no real upward momentum for the week just ended. Some commentators are suggesting a summer rally that will last into August, but frankly we don't see anything that would cause significant enthusiasm over the next eight weeks while we wait for the next Fed meeting and weather the long, hot, dog days of August. A strong second quarter earnings reporting season in July could keep the markets higher, but in recent years investors have applied the adage "Buy the rumor. Sell the news" to strong earnings. Interpreting a strong earnings report as the last good news for awhile and thus a time to sell. So, strong earnings in July will probably signal the end of the rally in the technology sectors, but may still be good news for other beaten down sectors. What this Means for Us We will probably move to cash in the next two weeks. We would rather miss the last 5% move up, as the market tops, because we got out too early, than suffer the 10% to 15% drop from the top, because we got out too late. ... We have found that in sector investing it is as important to prevent losses as it is to find the hottest sector. Russell Cox selectinvestor.com -------------------------------------------------------------- The Select Investor Portfolios Our Portfolios 1998 1999 Year to Date Investor's 11.4 % 30.9 % 23.1 % Technology NA 66.6 % 40.8 % Security 24.7 % 23.7 % 11.3 % S & P 500 28.6 % 21.0 % - 0.99 % June 30, 2000

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