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Non-Tech : NOTES

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To: Didi who started this subject	5/21/2002 9:00:07 AM
From: Jack Hartmann	of 2505

REV Shark post today A Pullback, but Only a Slight One 5/21/02 08:07 AM ET "There's a six-word formula for success: Think things through, then follow through." -- Edward Rickenbacker The market spent some time thinking things through yesterday. The Nasdaq had the second lightest volume day this year and the NYSE hasn't seen such a light-volume day since the week between Christmas and New Year's. High-volume advances followed by low-volume pullbacks are textbook bullish action from a technical analysis standpoint. The key is that the pullback doesn't accelerate. There was no sign of that yesterday but the bulls need to follow through fairly soon. The market had great justification for weakness with the rising specter of terrorism and the Merrill Lynch suggestion to take technology profits. A market with a bearish bent would have acted much worse than what we saw yesterday. Gold is hitting a two-year high at the $316 level. Gold stocks have been one of the best-performing groups lately and attracting increased attention as they continue to climb. Goldman feels the group is close to fully valued and has some cautious comments this morning. "These stocks are not supported by strong valuations. Rather, they are supported by a trading pattern that supports a history as a safe haven in times of uncertainty." Salomon is cutting estimates on a number of software companies today, including Microsoft (MSFT:Nasdaq). They comment that the tough selling environment in March seems to have continued into April and May and feel that companies will cut guidance in the second half of the year in order to give themselves more "wiggle room." Home Depot (HD:NYSE) beat estimates by 3 cents. Staples (SPLS:Nasdaq) posted strong earnings and guided estimates higher. Ford (F:NYSE) is getting a jump-start from Merrill Lynch this morning, which ups it to strong buy and names it a Focus One stock. The tone is positive in the very early going. Futures are in the green and we aren't faced with any new developments that would justify some panic selling. We'll see if the bulls can get it together and try another charge to the upside. Hi Di. Keep up the good work :) Jack

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