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To: heraclitus who wrote (57749)	1/12/2001 8:30:52 PM
From: patron_anejo_por_favor	Read Replies (1) \| Respond to of 436258

As always, Fleck has the right perspective on the day: siliconinvestor.com Look at all the pretty pictures. . . As if that wasn't a mouthful from Colin, I'd like to share an e-mail that was forwarded to me by a live fish analyst I know regarding a report from an all-tech dead-fish house. In the report, one of the dead-fish denizens said, "We are seeing a number of very encouraging signs that would seem to bode well for better near-term action in technology stocks than at any time since last summer, some things worth noting." It went on to cite about 10 paragraphs of good news -- every single one of them related to market action, not one related to any fundamentals. For example, "The Nasdaq 100 has been up each of the last three days," or "Stocks appear to be surviving challenges," or "The stocks are showing resilience in the face of the slew of capitulatory downgrades," or "The action during John Chambers' speech was especially encouraging." I'm not so naïve to think that technicals don't matter, but technicals are a reflection of the fundamentals, not vice-versa. So while the market action can be a self-fulfilling prophecy for awhile, it does set up the potential for the Wile E. Coyote trade at some point (see the reference to August and September 2000, above), where everybody buys them because they act great, and suddenly, all at once, folks come to the realization that there's a piano heading straight for their heads and all they've got for shelter is a busted umbrella. At that point stocks go down like an anvil through rice paper. Got Acme anvil repellant?<G>