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Technology Stocks : Xerox (XRX)
XRX 2.960-8.1%Nov 4 4:00 PM EST
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To: vargasc who wrote (349)1/5/2001 7:01:56 AM
From: Paul Lee   of 431
 
3. Permabear Sees "Buy Signal" Coming in 2001 (XRX)

Permabear James Stack is enjoying a day in the sun. "Just
nine months ago, we were viewed as fools by many on Wall
Street -- too myopic to see the New Economy and the
productivity miracle wrought by the high tech revolution," he
says. Instead, he called the New Economy a "bubble" and
compared it to the tech washout of 1969-70 and the RCA radio
craze that went bust in the early 1930s. "The buy-on-the-dip
mentality is rapidly turning into jump-the-ship panic," Stack
says, calling it typical bear market behavior of novice
investors.

Stack sees issuing a buy signal in 2001 but offers "a list of
technical and fundamental blocks that must drop" beforehand.
These include a positive reading from his proprietary
"monetary exposure profile" indicator (with or without a Fed
easing) and confirmation of a "solid bear market bottom" from
his 6 favored indicators. These include "selling vacuum" to ensure
that an upturn is not temporary. Another: "when it comes time
to buy, every emotional bone in your body will be telling you
otherwise."

The only stock Stack recommends buying now is Xerox (XRX).
The firm offers products for digital publishing, business
productivity, printing and copying. Revenues fell 2% to $13.6
billion for the first nine months of 2000. This yielded a net
loss of $290 million vs. last year's $1.1 billion in income.
Weak sales in North America and special charges are to blame.
Stack calls Xerox "a great value."
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