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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Les H who wrote (34858)	12/7/1999 4:37:00 PM
From: Lee Lichterman III	Respond to of 99985

>>4Q99 estimates have been revised down at a faster than normal rate<< That's bullish right? That means that everyone can beat the estimates next quarter when J6P forgets that all the expectations were lowered. Unfortunately I am not kidding.<ng> As I believe you posted here, small caps that had negative earnings rose over 50% while those with earnings dropped 6% this year. YHOO just jumped 44 points now surpassing the market cap of MSFT in 96 despite 60 times less revenue and earnings. As I look around my closing prices sheet, I see that the stocks with earnings not at a PE of over 100 are all down while today's big movers are CSCO ( earnings but ridiculous PE) CMGI, CTXS, EXDS, SFE, and YHOO. Meanwhile Banks, healthcare and drugs got hammered for the second day in a row. Yeah right this market is healthy. Futures rallied hard after the close so tomorrow will be biased up even if GLOBEX is negative probably, I will have to run the numbers later. Just talked to someone who says it may be due to index reweighting of YHOO being added but way too complicated for me to figure out. Phone is ringing have to go, Good Luck, Lee