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To: Bill Harmond who wrote (517)	5/23/2000 7:16:00 PM
From: 16yearcycle	Read Replies (1) \| Respond to of 57684

This is exactly when the bottom would be in in the past. 1. Leadership is all down more than 35% and at lows. 2. Leadership selling at about 1 to 1.5x forward growth rates. 3. Smaller techs have already been bludgeoned and are holding above lows 4. Put call ratio is highest in 16 months 5. Most think the rebound is months off, if there is one. 6. The Fed will most certainly not need to do more than 1 more point as the market has been crushed and growth is slowing. The rebound IS usually well before the fed is done. The only thing that is missing that I can think of is a panic selling bottom, which looks improbable, and days where bad news no longer has an effect, ie, poor economic/earnings news causes nothing to happen, since all the sellers are out. Edit: the previous postv points to what is happening in the re market too. It is certainly happening here in Redmond, Wa. Housing prices are dropping and the market is drying up. Not bad yet, but more than just the start of it.

To: Bill Harmond who wrote (517)	5/24/2000 9:29:00 AM
From: Robert Rose	Read Replies (1) \| Respond to of 57684

Wednesday May 24, 8:23 am Eastern Time Internet Capital, IBM to create online marketplace WAYNE, Pa., May 24 (Reuters) - Internet Capital Group Inc.(NasdaqNM:ICGE - news) and IBM Corp. (NYSE:IBM - news) said Wednesday they are forming a new company to create an online marketplace for buyers and sellers of intellectual property. The new company, which will be based in Chicago, has bought IBM's existing Intellectual Property Network (IPN) as the foundation for an online marketplace that will let users search, analyse, buy, sell and license patents and other intellectual property in several industries. The expanded site will launch in the third quarter. IBM plans to list more than 25,000 of its own patents and it is expected that other technology firms will be active participants in the exchange, which will be open to any industry. It also plans to offer legal support, insurance and escrow accounts via its new web site, the companies said in a statement. Internet Capital Group said the new company will position it to capitalise on an estimated $100 billion market opportunity in the intellectual property market. The marketplace will be hosted by IBM Global Services and will use IBM's universal database technology and e-commerce enabled software.