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To: 99Dan who wrote (62979)	1/18/2000 8:17:00 PM
From: jmac	Respond to of 152472

The market IS weak. Globex futures down about 4000. msft closed in after-hours trading at 112 5/8 down some 3 pts from NYSE close. Revenues were a bit shy and the very conservative forward looking conference call. That's the best I can make of it.

To: 99Dan who wrote (62979)	1/18/2000 8:21:00 PM
From: jmanvegas	Read Replies (1) \| Respond to of 152472

Think of the stock market as one big monopoly-like game. The only difference is that the rules change all the time, and today, more than ever, the rules change in "internet time." Now what are the rules today? My guess is that folks are selling on the news regardless of earnings, unless those earnings are absolute blow-away, blow the cover off the ball, hit the ball out of the park, or what-have-you. And it's not only earnings - it's "quality of earnings", "quality of revenues", future projections put out in CC's, etc., etc., etc. So let's take BRCM, for example. Great earnings - beat the Street, announced a 2-1 split, and lo & behold, down around 10 in afterhours. DCLK, beats the Street - down in afterhours. We could go on. Oh, there are exceptions. But the game's rules have shifted for now, in this reporting period. The last reporting period when a company beat the estimates and announced a split - up 20-40 for the next day. Now the reverse. These Wall Street guys try to keep you on your toes - they want you to walk on hot coals every now and then. That is why I mentioned in a post a few days ago that I was not that interested in earnings, although I believe that they will beat the Street. I'm interested in some "significant fundamental news" that will make this stock rock again. Something like an AT&T or NOK deal - something that I can put my teeth around. Unless of course, earnings absolutely "kills" the Street - kills it so bad that folks will hock everything to get on board this gravy train and shorts will become fearful again. Beating the estimates by a few pennies is not going to do it. But we'll all know in a few days, won't we. Lastly, the "old men" at the Fed - I don't trust them, not one iota. They've got a window of about 6 months to ratchet up interest rates before we are deep into the presidential campaign. And ratchet they will, those bastards - the bond market is staring at us all right now in the face telling us so. Forget PPI, CPI and all those other nonsense economic numbers you see spewed over the airwaves. They don't mean diddley right now - watch the crotchety "old men" at the Fed and the bond market. It gives the Wall Street houses their opportunity to take their pound of flesh and suck shares from the weak. Good luck all. jmanvegas