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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: Venkie who wrote (6654)	10/9/2000 11:42:49 AM
From: Dealer	Read Replies (1) \| Respond to of 65232

CISCO--Stocks Fall on Profit Concerns NEW YORK (AP) -- Stocks were lower Monday, as the technology sector remained under fire from investors concerned about weakening profit growth. In midmorning trading on Wall Street, the Dow Jones industrial average was down 11.47 at 10,585.07. Broader stock indicators were also lower. The Standard & Poor's 500 index was down 9.67 at 1,399.32, and the Nasdaq composite index was down 96.19 at 3,264.82. Tech stocks have been under pressure for weeks amid a string of profit warnings. That pattern continued on Friday, as semiconductor company Veeco and software company Marimba issued cautions that their profits would fall below expectations. ``The main force of this downward pressure is the downward shift in expected profits by companies outside the energy sector,'' said Richard Hoey, chief economist and chief investment strategist at Dreyfus Corp. in New York. The trend has pushed the Nasdaq market to its lowest level since May. All of the Nasdaq bellwether companies were down Monday. Cisco Systems was down $2.44 at $53.75, Sun Microsystems fell $5 to $102.50, and Amazon.com (NasdaqNM:AMZN - news) lost $3.94 to $27.63. In addition, shares of Connetics Corp. (NasdaqNM:CNCT - news), a biopharmaceutical company, fell $20.13, or 78 percent, to $5.34 Monday after announcing that a flagship product for treating scleroderma had failed in recent trials. Inflation concerns have also crept back into the picture since the Labor Department reported an unexpected drop in unemployment on Friday. Declining issues slightly outnumbered advancers on the New York Stock Exchange, where volume came to 214.5 million shares, well below Friday's early pace. Trading was light due to the Columbus Day and Yom Kippur holidays.

To: Venkie who wrote (6654)	10/9/2000 11:45:55 AM
From: SecularBull	Respond to of 65232

You should be... I think it's overvalued by, perhaps, 2X. LoF

To: Venkie who wrote (6654)	10/9/2000 11:54:08 AM
From: SecularBull	Read Replies (1) \| Respond to of 65232

This probably is the true double bottom from April. I think that we've had a general broadening of the sell-off since that time, and we just need to take some of the generals down to see a bottom. The bottom may be under 3000, but I wouldn't fret too much if we went there. Remember that the NAZ is market cap-weighted, and it doesn't take much air coming out of CSCO or SUNW for this thing to get significantly lower. WCOM and DELL, for example, are in the toilet (far lower than they were the last time we were nearing 3000), so you don't have their market caps to keep this thing above 3000. Look for money to flow back into these guys, first. WCOM up today, strangely enough. LoF