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To: Amy J who wrote (124755)	1/12/2001 2:03:41 AM
From: Ibexx	Respond to of 186894

Closing Market Commentary by Larry Wachtel of Prudential: _____ January 11, 2001 5:30 pm ET Come home high tech. All is forgiven. [The tech laden Nasdaq Index unloved through a long 4 months, returned to favor today with authority.] Completing its first three day winning streak since Labor Day, Nasdaq tacked on 116 points with virtually every tech group participating for the third day Nasdaq went eyeball to eyeball with another bellweather disappointment and failed to blink. Yahoo has some disappointing projections as Cisco yesterday and Nokia Tuesday. But investors decided to isolate these problems rather than indict the entire tech group. And just as the money flowed into the losers of last year, they flowed out of the winners of 2000. Thus, drugs, foods, utilities and other defensive areas felt the wrath of profit taking. The Dow Industrial Average was able to eke out a gain of 5 points but the spotlight was on Nasdaq. Equally dramatic was the 3- 1 ratio of gainers to losers on Nasdaq and volume of 2.6 billion shares. Big Board breadth was more mundane, showing 4-3 to the upside and volume of 1.3 billion shares. There was no catalyst to the Nasdaq advance beyond internal dynamics and the ability to overcome adversity. The economy continues to slide and earnings are a source of uncertainty. But that is what the discounting process is all about. By the time you get to the bad news, investors are looking over the horizon toward some potential recovery. Everything in tech land. Semi-conductors, networkers, software, computers, telecom equipment and even the internet beyond Yahoo. Prominent were the box makers like Dell, Compaq and Gateway. Among the chip stocks names like Broadcom, Linear Technology and Vitesse were prominent. Ariba led the business to business software group ahead of tonight's quarterly results. And Peoplesoft was the big volume winner in the software group. Among the Dow 30 gains in JP Morgan, Microsoft, Honeywell, General Electric, American Express and Home Depot balanced off losses in Johnson and Johnson, DuPont, Philip Morris, Coca Cola and Procter and Gamble. We even had companies with positive statements outdistance the negative variety. Better bottom line helped the rational software, AmeriCredit, Black Box, Shaw Group, AVT Corp, and Lecroy. Less favorable profit reports impacted Unifi, Firepond, Playtex and Bowater. After the bell, Hewlett Packard pre-announced some softer revenues and earnings projections so the techie crowd will have another challenge tomorrow. With the Monday holiday, tomorrow's session promises to be more restrained but old momentum appears on the side of the techies. The moving finger writes and all that jazz. Ibexx@okayshortsgameisover.com

To: Amy J who wrote (124755)	1/12/2001 2:04:45 AM
From: Ibexx	Respond to of 186894

Closing Market Commentary by Larry Wachtel of Prudential: _____ January 11, 2001 5:30 pm ET Come home high tech. All is forgiven. The tech laden Nasdaq Index unloved through a long 4 months, returned to favor today with authority. Completing its first three day winning streak since Labor Day, Nasdaq tacked on 116 points with virtually every tech group participating for the third day Nasdaq went eyeball to eyeball with another bellweather disappointment and failed to blink. Yahoo has some disappointing projections as Cisco yesterday and Nokia Tuesday. But investors decided to isolate these problems rather than indict the entire tech group. And just as the money flowed into the losers of last year, they flowed out of the winners of 2000. Thus, drugs, foods, utilities and other defensive areas felt the wrath of profit taking. The Dow Industrial Average was able to eke out a gain of 5 points but the spotlight was on Nasdaq. Equally dramatic was the 3- 1 ratio of gainers to losers on Nasdaq and volume of 2.6 billion shares. Big Board breadth was more mundane, showing 4-3 to the upside and volume of 1.3 billion shares. There was no catalyst to the Nasdaq advance beyond internal dynamics and the ability to overcome adversity. The economy continues to slide and earnings are a source of uncertainty. But that is what the discounting process is all about. By the time you get to the bad news, investors are looking over the horizon toward some potential recovery. Everything in tech land. Semi-conductors, networkers, software, computers, telecom equipment and even the internet beyond Yahoo. Prominent were the box makers like Dell, Compaq and Gateway. Among the chip stocks names like Broadcom, Linear Technology and Vitesse were prominent. Ariba led the business to business software group ahead of tonight's quarterly results. And Peoplesoft was the big volume winner in the software group. Among the Dow 30 gains in JP Morgan, Microsoft, Honeywell, General Electric, American Express and Home Depot balanced off losses in Johnson and Johnson, DuPont, Philip Morris, Coca Cola and Procter and Gamble. We even had companies with positive statements outdistance the negative variety. Better bottom line helped the rational software, AmeriCredit, Black Box, Shaw Group, AVT Corp, and Lecroy. Less favorable profit reports impacted Unifi, Firepond, Playtex and Bowater. After the bell, Hewlett Packard pre-announced some softer revenues and earnings projections so the techie crowd will have another challenge tomorrow. With the Monday holiday, tomorrow's session promises to be more restrained but old momentum appears on the side of the techies. The moving finger writes and all that jazz. Ibexx@okayshortsgameisover.com