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To: Victor Lazlo who wrote (2912)	11/11/2000 12:41:53 PM
From: Mark Fowler	Read Replies (3) \| Respond to of 57684

And Victor i'll add in high oil prices with rising labor cost index as you mentioned. I believe Greenspan has moved to a neutral stance with respect to increasing interest rates, however, I don't believe His objective will be to lower rates this yr. to rescue the stock market's decline. His objective is to slow things down, and to get people to save money again. I'll say the Nas could easily decline another 10% or so. There's no rush to buy here, specifically, the tech stocks.

To: Victor Lazlo who wrote (2912)	11/11/2000 2:09:18 PM
From: Lizzie Tudor	Read Replies (2) \| Respond to of 57684

Co profits are slowing (fact) but employment and wages, and consumer spending, remain very strong, See I think we are seeing the employment picture start to wane even in high tech, even in software which is the strongest of the high tech's right now and that has to follow through to consumer spending. The relocation crew for one of my companies is having a much easier time finding housing for new workers than 2 mos ago. And we are seeing more resumes. Consumer spending will slow soon if it hasn't already, is my thinking. Funny if this turns out to be a slowdown, mild recession, whatever then that makes 2 I have witnessed... and in both cases my specific field has not experienced any slowdown whatsoever and that is a misconception I believe a lot of people have - that software or comm or every single sector has to literally break down for us to have a recession - not true at least from what I can recall in 1992 when unix, aapl and a few techs were booming ahead when the overall sentiment was not good at all. So thats what is happening here I believe and we will see no slowdown fundamentally whatsoever in b2b, however what happens to the stocks, I am unsure of. Otoh it seems like the comm sector might be slowing am I right? wrt the markets there is always forward thinking going on so how much of this is priced in is what I want to know. I remain strongly bullish on tech and specifically software but currently the stocks are about double their apr lows.