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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 670.92

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Nov 7 4:00 PM EST

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To: Boplicity who wrote (78388)	6/11/2001 8:57:26 AM
From: t2	Read Replies (1) of 99985

Merrill Lynch's downgrades are the ones to watch, imho. They appear to be the most bearish on technology among the large firms. Today, they are downgrading ems stocks like Jabil, Celestica, Flextronic etc.. Already bearish on the Intel and semiconductors. Even their views on stocks like IBM and MSFT are a lot less positive than a lot of other firms. Joe Osha was the most bearish on Intel..revenues estimates were very low for the mid quarter update...Intel forced him to revise higher but he still stays very negative on the stock and his firm is negative on semis. Steve Mulonovich who heads their technology analysts has been very negative on tech in general. The reason I note this is: We shall see see how much the downgrades of ems stocks hit technology in general. Is ML at the point that their ratings have dropped so low that they are no longer able to move stocks down? That is what I am watching for.

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