Philip Morris - A Stock For Wealth Or Poverty (MO) Message Board

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Non-Tech : Philip Morris - A Stock For Wealth Or Poverty (MO)

MO 58.73

+1.2%

12:42 PM EST

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To: Sonny McWilliams who wrote (6166)	3/23/2001 5:57:09 AM
From: Frank Ellis Morris	Read Replies (2) of 6439

Good morning Sonny, Globex futures are looking good and the final half hour yesterday was quite impressive. It was somewhat encouraging to see the new economy stocks holding up well while we were experiencing more mad dow disease. The Dow for a while seemed like it was falling faster than the space station MIR. The late recovery of the Dow :however, was most impressive but we should not be fooled with these sharp bear rallies. Although we may have a nice pop today, what will happen on Monday? I would like to see a period when theres little buying or selling. Some large blocks were coming across the screen yesterday indicating that institutions were probably doing some bottom fishing. I can't tell you how many times I got burned in these sucker rallies and I am most fearful ot getting caught again. Yes I now am being most careful. Philip Morris had a big run up during the collapse of the Nasdaq but finally Mo joined the party to the pressure over the last few days. It now carries an almost 5% yield. If the Nasdaq assumes its leadership again big MO would look pale in comparison. I think money will be leaving the defensive stocks and all that mountain of cash sitting on the side lines will hurry back into the techs most likely. I think that most people criticize us for thinking that Greenspan caused the debacle. We should not have to sit and watch our life savings go down the tubes or have to try and time the market. He did target the wealth effect and now he should eliminate the opposite problem of irrational fear and lack of confidence. I do believe that by the end of the year we should be looking at a much better picture in the financial markets. Later Frank

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