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To: Lizzie Tudor who wrote (69194)	7/23/1999 1:44:00 PM
From: Robert Rose	Respond to of 164684

<When the net mkt becomes like the rest of the market, which seems inevitable at this point and will probably happen in 6 mos or so, I think I'm going to look for another job. Trading stocks that go up and down 5 points a day is a real yawner.> This is an interesting topic. When csco disappointed the Street for the first time back in 1994, the stock dove 40% the day following earnings and took 9 months to recover. In the process, the Street began viewing csco as a growth company growing at 30-50% a year, rather than as a high growth company growing 100% a year. The sudden drop in price reflected the pe multiple appropriate for these two types of companies. Perhaps the Street is now shifting its view of inet companies from hyper growth to high growth. My current view is that we are in the second phase of a pullback beginning mid-April to reflect that fact. As far as what this means for one's career, I'm with ya. However, while my focus this morning officially shifted from LT buy-and-hold to ST and daytrade, I don't plan to glue myself to Level II. If I can make one decent trade a day (as I did with enga on Tu, but failed to do with insw today), I can comfortably cover living expenses and still engage in my favorite pursuits (post, post post!).