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To: t2 who wrote (7995)	12/3/2000 1:11:54 PM
From: Poet	Read Replies (1) \| Respond to of 10876

That reminds me, t2, the most recent COT data indicates that large specs have reduced put positions on the Nasdaq, where small specs (ie retail investors) have increased theirs. On the SPX, however, large specs are short in record numbers.....and the market generally moves in the direction of the large specs, so this gives more weight to a Naz rally theory.

To: t2 who wrote (7995)	12/3/2000 1:16:25 PM
From: dli	Read Replies (2) \| Respond to of 10876

When I start seeing JDSU as fairly cheap, given its growth rate---it is hard to see many agressive sellers in this one and many similiar stocks. The question is how sure people are that those projected growth rates will actually materialize and for how much longer growth rates of 100% or more can be upheld. And it's not going to be 10 years as people thought until recently. You also have to keep in mind that despite the evident signs of a slowdown there haven't been any number cuts yet. And the less sure people become the less people will be willing to pay premium prices and the more multiples will compress. I'm saying this purely from a long-term investment perspective. From a trading perspective a nice bounce is definitely in the cards. Dave