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Strategies & Market Trends : Piffer OT - And Other Assorted Nuts -- Ignore unavailable to you. Want to Upgrade?

To: Rainy_Day_Woman who wrote (34826)	5/21/2000 2:26:00 PM
From: The Phoenix	Read Replies (2) \| Respond to of 63513

Sherry, I've been mulling things over this weekend and I've talked to quite a few folks. The overall sense I get - and it's only sentiment - is that many longs are discouraged with the market. After a retest he we are back in the 3300's a third time. My gut sense is that there will be many longs cashing out their portfolios at the open on Monday so I expect the market to be off... and this may be the capitulation... If the NAS and CSCO can mount a comeback late in the day and end higher then perhaps we're on our way. I'm concerned however that we're really close to support levels and early selling might snowball if we break support. So Monday is a critical day in my opinion. If the market is true to form we move to 3750-3800 from here and then back to 3400 again... Cisco multiples still high but given growth I think pretty reasonable. I find it really strange that the instutitional investors believe CSCO will not be able to turn in another 50%+ quarter next quarter given that that would only be $5.4B - up only $500M from Q3 which was up $600M from Q2. Feels like the institutions are underestimating CSCO..perhaps believing that it can't get any better. If CSCO turns in $5.5B or better in Q4 heads will spin - especially if margins hold firm. OG