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Technology Stocks : Network Appliance

NTAP 112.44

-0.4%

Nov 10 3:59 PM EST

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To: SecularBull who wrote (8466)	6/21/2001 11:13:54 AM
From: John Madarasz	Read Replies (1) of 10934

O/T a couple quick notes on the leading indicator fwiw... it's made up of 10 components... 6 of which were positive this report, and two of which are stock prices and money supply. These are two very dangerous components to base a second half recovery on. As soon as MZM slows or reverses... stock prices will crumble. The fact that the market has been able to avoid complete correction is due almost entirely to the unprecidented increase in money supply by the fed. I sincerely doubt the current expansion of money supply can continue at this rate forever. This is something that is by and large ignored by the market at this point... also the annual change in house hold wealth has dropped to almost -15%... the lowest point since 1946! The last two times it even dipped slightly into negative territory in 1970, and 1975, the economy entered periods of recession. Remember... this next recovery is supposed to be shouldered in large part by the consumer. sobering notes.

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