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To: Dealer who wrote (23026)	6/21/2000 7:43:00 PM
From: Voltaire	Read Replies (1) \| Respond to of 35685

Now porchies - this is what I am talking about that generally keeps the bears and Econ 101 folks from making money. I call it Econ 101 MUCK! When will these poor souls ever learn? Taken from the Clown Killer thread. Voltaire Market Summary June 20, 2000 MSFT TAKES FLIGHT Asia was firmer last night, but Europe was weaker as we approached the open in the US. The futures were weaker in the pre-market. We opened down, but that lasted all of about five minutes until a rally began. We had a dip back to the lows of the day a couple times mid-day and then rallied all the way into the close. A lot of today?s strength came from one stock: MSFT. Soft closed up about 6 after U.S. District Judge Thomas Penfield Jackson announced yesterday that he was staying business restrictions against Microsoft pending an appeal. Other than that, today was kind of a snoozer. Volume was pretty good (1 bil on the NYSE and 1.5 bil on the NASDAQ) but nothing really happened of note. The computer hardware index was the best performer today, up about 7%, while the banks and brokers were the weakest (the BIX and XBD being down about 2%). Even the mighty Merril Lynch finally had a down day after several days of new highs. Internet shares sold off today after yesterday's one-day bounce. In the "real" economy, OPEC said it will boost oil production by about 2.5 percent, and the market yawned in response and bid up oil another 72 cents (now over $31 on the Aug contract). Oil shares rallied in response, with the oil services sector jumping in particular, up about 5%. Gold was flat and the XAU was up a touch. Treasuries were weaker, with the yield on the 10-yr rising to 6.11%. The dollar was stronger against most foreign currencies as the US dollar index was up about 1% and looks like it wants to bounce for a while in here, just as the traders? commitments suggested last Friday if you recall. Breadth was negative again today even as the indexes rallied and new lows expanded again on both exchanges. Normally (at least for the last year or so), that?s nothing to concerned about since that has been the norm, but it might be worth noting now since many technicians have turned bullish recently, citing the improvements in the internals. It could be that the very improving trend they have been citing is now ending just when the last bear technician has finally been sucked into going long. We?ll have to see?. this bear is certainly proving to be a tricky one so far.