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To: The Ox who wrote (75246)	4/17/2001 10:40:39 PM
From: bobby beara	Read Replies (2) \| Respond to of 99985

exactly, the market has already discounted much of the bad news, and now is anticipating some good news, just like the market was discounting the good news at the top and anticipating the bad news. in january they were early on the upturn in business conditions, are they early now, nobody knows, except nutcretious who has a really fine crystall ball she bought o n ebay, leftover from an x-file episode -g- i don't think the market will know the extent of this contraction for another 3 or 4 months, and the bullz will play it like it's another correction in a bull markit. sentiment indicators bottomed in march/april, we need at least a bear rally of several months to get em back to the bull side, or maybe maybe the business conditions have bottomed and will re=vive, nobody knows.

To: The Ox who wrote (75246)	4/17/2001 10:48:14 PM
From: t2	Respond to of 99985

You are right. Sentiment change is due to mostly fundamental change...sort of like determining the bottoming process in the companies' businesses. The cut backs, layoffs, housecleaning etc were part of the process. After that, any hint of positive news.... and world starts looking different to investors. Once that sentiment changes, the reaction in the market will probably still be explosive (especially in this market) for various reasons I had listed earlier. IMHO of course.

To: The Ox who wrote (75246)	4/17/2001 10:51:40 PM
From: Dave Kiernan	Respond to of 99985

MH, I think the CSCO 'rally' today was total manipulation as you can see from looking at the last 6 months past trading channel. Robbie Stephens has made the right call today, imo. "From a valuation standpoint, with our current revenues and earnings estimates, we believe Cisco is grossly overvalued. The company has overbuilt inventory to the point that it has had to write half of it off and is currently evaluating each and every product line in an effort to regain focus. The company has announced a workforce reduction of just under 25% in the next two quarters that we believe could be larger. This situation is several orders of magnitude worse than that of its leading competitors (Extreme, Juniper (JNPR $48.38), and Redback (RBAK $17.05)), who have also experienced revenue slowdowns." cbs.marketwatch.com{0813262F-D3D4-402A-9233-73E9C6F22FB3}&dist=medved&siteid=medved Also think Intel:INTC beating by 1 cent is bull. They beat by using monies accrued by smart bean counters running their investment portfolio, not by doing what Intel does. Would have been a loss otherwise. PS: seemed to have trouble formatting this post, my a apologies.