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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 685.40

+1.2%

Jan 21 4:00 PM EST

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To: Boplicity who wrote (78515)	6/12/2001 2:42:48 PM
From: t2	Read Replies (3) of 99985

There are some reasons for the rebound in technology stocks. The comments on these stocks by the analysts are very significant IMHO. Especially when one looks at the positive comments out of the Merrill Lynch analyst. How long before their technology analyst group starts to pick the bottom in technology stocks...Like I stated earlier, they are the most bearish among the big firms. They don't even have to go to "buy" ratings to move the stocks. I don't know if this story will play out to the end of day today but it is something to keep mind as we head forward. IF other companies at these tech conferences make similiar comments, this may turn into "suprise announcement season" instead of "warnings season". In fact, confirming guidance is becoming a common practice since late last year. That could cause problems for traders that usually go short into this period. We shall see how "warnings season" pans out. 12:41PM Foundry Networks (FDRY) 18.90 +1.07: Hearing from trading floor sources at CIBC that FDRY presentation at the CIBC conference was positive, with the company noting that it's a lot further along this quarter than last; hearing that CIBC now sees potential for 10% upside surprise vs its flat revenue forecast for the June qtr. 1:21PM Extreme Networks (EXTR) 30.49 +0.52: -- Update -- There was reason for EXTR's run other than the strength of FDRY/FFIV: Merrill Lynch is out with a note this afternoon stating that they spoke with the Extreme CFO prior to the firm's 1:30 pm ET appearance at the CIBC conference; Merrill says that EXTR says that the Jun qtr is the most linear in a year, that the company saw a stronger than expected April/May and expected acceleration in June, and that discounts/selling prices have been in line with expectations. finance.yahoo.com

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