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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Lucretius who started this subject7/8/2002 10:13:55 PM
From: Box-By-The-Riviera™  Read Replies (2) of 436258
 
lewis... an exerpt.

That brings us to what I think we can expect over the next couple weeks as we go into the heart of earnings season. I’ve already mentioned the fact that we can expect the majority of companies (and I’m talking primarily technology here) to guide lower because the economy is not accelerating as many had hoped and the ludicrous estimates out there are far too optimistic. But I think we can also expect a lot less optimism coming out of management (because it’s certainly not warranted) and much cleaner financial statements due to the continued focus on truth in accounting and the lack of confidence in many corporate managements. These management teams are on the hot seat now, and when you’re on the hot seat, you do everything “by the book” and squeaky-clean. And “by the book” means more bad news at present. The market seems to be hoping for the best as we enter this period, and that makes is subject to dramatic disappointment as the bad news comes out. We have yet to get my mini-melt that I’ve been expecting sometime this summer, but I think we’re closing in on it. Who knows what will happen tomorrow, but over the next couple weeks I think we can expect to see new lows and a swoon of some proportion.
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