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To: Peter V who wrote (12564)	3/21/2000 2:14:00 PM
From: shasta23	Respond to of 14427

I think from their respective tops the NAZ and the DOW are equally down and the SPX actually better than the NAZ! SO who is over- and undervalued here? Everybody still seems to be in the mode of the poor undervalued old economy stocks. Whatever happened to the hypothesis that they would have a harder time withstanding the rising interest rate environment? My feeling(!!!), which i can't back up with anything, is that the money will soon flow back into techs since we have worked off a lot of the exuberance the last 2 weeks. That should also make uncle AL raise rates only by 1/4 because he believes in the wealth effect and that has taken a beating for some folks. Retest of 5k in April said a great trader on another thread and i believe him. STefan