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To: Shack who wrote (79216)	3/12/2001 5:10:42 PM
From: UnBelievable	Read Replies (1) \| Respond to of 436258

Piper Jaffray's Belski: Market Bottom Getting Close NEW YORK (Dow Jones)--We haven't hit bottom yet, but we're close, said Brian Belski, fundamental market strategist at U.S. Bancorp Piper Jaffray. "We're moving up toward this type of panic stage, which is good," he said in an interview with Dow Jones Newswires Monday. Belski said he's revising his 12-to-18 month target for the Nasdaq Composite to 3600 from 4000. He is keeping his 12-to-18 month estimate for the Dow at 12000 and the S&P at 1575. The Dow was off 436.37 points to 10208.25, while the Nasdaq Composite was off 129.41 points to 1923.37. The S&P 500 Index was off 53.26 points to 1180.16. Belski said it's impossible to predict when the bottom will come, but the environment is ripe for an eventual recovery. We're in a period of declining interest rates, with tax cuts coming and lots of cash on the sidelines that needs to be put to work, he said. Another precursor to a bounce is a move into basic materials stocks, which is the No. 2 performing sector in the S&P 500, up 0.59% for the year, he said. 03/12/2001 Dow Jones News Services (Copyright © 2001 Dow Jones & Company, Inc.)

To: Shack who wrote (79216)	3/12/2001 7:55:13 PM
From: pater tenebrarum	Read Replies (1) \| Respond to of 436258

the thought has occurred to me as well. it's possible that what is happening is actually bigger than i though it would be....so the March 23 low could in fact be a brutal one. one needs to be very careful with the bounces....bounces have all been very shallow, and the declines are BROAD. that tells me we are in a third wave of sorts...looking at e.g. the XBD (broker index), that's either in wave 3 or C down. same goes for the NYA...i vote for this being a wave 3....which means among other things it can't be over yet. i think the SnP may have produced a 'failed fifth' at the late Aug/early Sept. high. if correct, that implies major weakness, and we sure got major weakness ever since.