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To: Vendit™ who wrote (26368)	7/21/1999 8:37:00 PM
From: ZOOB	Read Replies (3) \| Respond to of 41369

Hi, Vendit. Yes, unusual trading. Volume has been light for over a week. I'm confused on where we are going shortterm. TA appreciated (where is Steeny?). Voltaire was on the money with RNWK.

To: Vendit™ who wrote (26368)	7/22/1999 12:53:00 AM
From: Jeff Dryer	Read Replies (2) \| Respond to of 41369

Short term, I'm looking for a correction in the overall stock market of 15% between now and the end of August. I believe the Internet sector will correct 20% during this time period. The number of Internet IPOs hitting the market is amazing. The valuations on these new IPOs are enormously inflated and the quality of these companies (earnings prospects) very low. Classic bubble conditions. A group of 120 tech stocks we track in the Computers, Software, Communications, and Semiconductor areas is up about 130% since October 1998 (only 9 months ago). Fundamentals (short-term) for Internet companies are not very strong. Advertising is tough going. E-commerce is going to take awhile to ramp. New subscriber growth (overall usage growth for Web Portals) is slowing and there is a threat from free ISP services that must be dealt with.