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To: IQBAL LATIF who wrote (27356)	7/1/1999 7:41:00 PM
From: Al Serrao	Respond to of 50167

Uncle, this is truly the golden age of America. Lets hope Pax Americana too. Regards and stay well.

To: IQBAL LATIF who wrote (27356)	7/1/1999 9:36:00 PM
From: J.T.	Read Replies (1) \| Respond to of 50167

Ike, I am in agreement that average second quarter earnings should for the most part shine. Given this first call estimate, what is your next 12 month PEG for the S & P 500? Correct me if I am wrong, but I think the # is currently 28. If they raise PEG estimates to say 30 and the 10 YR U.S. T-Bond yields 5.84% then the so called fair value model Mr.G supposedly adheres to suggests equities are 43% overvalued. What gives? Can you help me with your thought process here? Does that mean bonds are steal of the next decade right here? That the 10 year bond should yield say 3.5%? And if they raise PEG to 33 that the 10 year yield should equal 3%. This at the very least suggests disinflation let alone I dare say deflation down the road? Your thoughts are appreciated Professor K... p.s. you have made some very nice market calls this past week. MACD for DOW crossed last Friday afternoon just after it tested and held your 10,471 prescient bottom call. I really thought FOMC was going to keep tight bias and hence paid for this market insurance. Could have gone either way. Inflation Hawks lose out again. Hope this doesn't come back to bite em in the @ss... Keep up the great work. Best, J.T.

To: IQBAL LATIF who wrote (27356)	7/2/1999 12:55:00 AM
From: Les H	Read Replies (1) \| Respond to of 50167

MARKET EARNINGS Earnings reports will be light not only this week but next week as well, so the focus for a while will be on pre-announcements as we move into the peak weeks for pre-announcements. So far, it continues to look like business as usual. The number of negative pre-announcements is 176. It would appear that the final number may be about 400, which would be the usual seasonal increase from the 1Q99 total of 379 and well below the inflated 493 of 2Q98. The recent negative pre-announcements from several major technology companies has generated much attention, but most were more related to company specific problems and not indicative of broader industry problems. The percentage of negative pre-announcements coming from the technology sector continues to run below average. That is in contrast to above average percentages in 2Q98 when the industry was faced with cutting back inventories of personal computers and in 1Q99 when a number of software companies warned about slowdowns in Y2K business. Expectations for S&P500 earnings growth is currently at 11.7%. It has fallen 0.9 percentage points in the last six days, mainly because of the revisions generated by several of the negative pre-announcements. Compaq alone accounted for 0.5 percentage points. However, the net revision activity from 13.9% on 1 Jan to 11.7% now is far less than normal for a six month period. The final results for 2Q99 are still likely to be close to 15%, well above the 10.5% in 1Q99. The estimate from the industry analysts for 3Q99 is 21.8%, and the final outcome is likely to be about 20%. Despite some concern over recent pre-announcements, the overall earnings news for the next two months or so is likely to be quite positive, particularly during the peak weeks of the reporting season staring the week of 12 July.

To: IQBAL LATIF who wrote (27356)	7/2/1999 8:39:00 AM
From: New Economy	Respond to of 50167

NN NEWBRIDGE NETWORKS CORP New York...Hey everybody ! I am new to this thread and am writing to you from Canada. Yesterday was a national holiday up here in Canada. Wed. June 30 was not only the last day of the trading month but the day before a holiday resulted in a lot of securities being over sold. Newbridge Networks was one of them I believe...Keep your eyes open for this one as it drops hard in the morning and then runs up after 10:00 AM.