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To: AllansAlias who wrote (41610)	11/28/2000 7:26:12 PM
From: Gary M. Reed	Respond to of 436258

Ericlown Gustafson was just rolled out on CNN's Moneyline. Says this market is all Al Gore's fault. The CNN dude then asked him what the market would do if Gore was declared the winner later this week. Ericlown's response was the market would rally like a mutha. At no time did he mention the Nazdung selloff might just be fundamentals (or a lack thereof) related. UFB, some clowns never learn. Speaking of perma-bulls, this harpooning of Galvin on TSC tonight--check out his recent picks: all the hyped chipmakers that got bludgeoned today, along with retailer AnnTaylor (down 8 bucks today): thestreet.com Stock Gurus Can't Turn Those Frowns Upside Down By Aaron L. Task Senior Writer 11/28/00 6:59 PM ET GuruVision: Blurred and Burned SAN FRANCISCO -- After feasting on turkey last week, the gurus now find their plates laden with heaping portions of crow. In their most recent weekly commentaries, the gurus huffed about how last week saw the biggest outflows from equity mutual funds since the week of Dec. 15, 1999. They puffed about how growth estimates for the fourth-quarter have fallen at the fastest rates since Oct. 1998. Yet none of their efforts kept the Nasdaq Composite's house from blowing in today, when the index declined 5.1% to 2734.98, its lowest close since Oct. 19, 1999. Elsewhere, the Dow Jones Industrial Average slid 0.4% and the S&P 500 shed 1%. Regarding growth estimate revisions, Thomas Galvin, U.S. portfolio strategist at Credit Suisse First Boston noted the market rose over 20% in the three months following the harsh reductions in growth expectations in Oct. 1998 and predicted "at least half of that move is achievable from [Monday's] level given the high levels of pessimism and cash, as well as the aggressive reduction in estimates." Comparisons to the fall of 1998 seem unfair, if not downright outlandish, unless there's some cataclysm comparable to foreign currency crises/ Long Term Capital Management debacle that is going to cause the Federal Reserve to ease 75 basis points in the span of a few weeks. Galvin, attending CSFB's conference in Scottsdale, could not be reached to determine whether he foresees any such development. Regardless, the strategist's talent for soothsaying has been taking a bit of a beating this week as his commentary, released Monday, focused on semiconductor and retailing stocks. "If the retail composite is a fair barometer for the Old Economy, then semi-shares are representative of the New Economy," Galvin wrote. "If these Old and New Economy poster children fell before the rest of the tape and are now finding their legs amidst an ocean of hard landing sentiment, is it possible the selling pressure has become exhausted and the next leg is up?" So far, the short answer is an unequivocal "no." After falling 6.9% Monday, the Philadelphia Stock Exchange Semiconductor Index fell another 8.1% today amid the continued fallout from a series of downgrades and negative analyst comments. Worse, from the perspective of Galvin's followers, the strategist made bullish remarks on specialty-chip makers PMC Sierra (PMCS:Nasdaq - news - boards) and Applied Micro Circuits (AMCC:Nasdaq - news - boards), which continued to unravel today, falling 5.7% and 3.8%. Galvin also shined on that crazy diamond of the chip sector, Xilinx (XLNX:Nasdaq - news - boards), which slid another 1.3%, extending yesterday's 18% drubbing despite Merrill Lynch coming to its defense. The strategist also recommended Lattice Semiconductor (LSCC:Nasdaq - news - boards), which fell 8.2%, and Intersil Holding (ISIL:Nasdaq - news - boards), which slid 5.3% today after a solid gain to begin the week. On the surface, Galvin's optimism about retail stocks seems better placed. After rising 5.1% yesterday, the S&P Retail Index dipped just 0.6% today. However, Galvin's specific retail recommendations included Ann Taylor (ANN:NYSE - news - boards), which tumbled 20.8% today after a Robertson Stephens downgrade. A CSFB spokesman says the firm has done underwriting for Applied Micro, PMC Sierra, Ann Taylor and Lattice Semi.