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To: pbull who wrote (11457)	3/12/2001 7:28:54 PM
From: pbull	Read Replies (1) \| Respond to of 13572

Tech earnings will be even worse in Q2 than in Q1. Current EPS estimates are fantasyland. This is now spilling over into the "safe" Dow stocks, where EPS estimates are way, way too high. Super-regional banks, commercial real estate, mortgage lending, sub-prime lending, any lending, any creditors, looking more vulnerable daily. G3 wireless looking more like a fantasy all the time. The cash flow doesn't justify the investment, IMO. Telco equipment makers will suffer from consolidation among service providers. Demand for this equipment is zilch near term. Fed is nearly powerless other than jawboning, or threatening a "surprise" cut at any time, which wouldn't change any of the above fundamentals, not one iota. It isn't just overseas this time. It's here. Just one person's opinion. PB