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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Robert New who wrote (77351)	5/23/2001 9:37:20 PM
From: t2	Respond to of 99985

Robert, I think the fact that the Senator delayed his decision until tomorrow hurt the Nasdaq this afternoon. I believe we would rallied on the news..after the selling on the rumor had been done in the morning. Now we have another day to see how events unfold. The longer we get the uncertainty, the more the Nasdaq is at risk of further losses. The good thing is that he announces his intentions at 9:30 am. I don't really see any negative implications for the tech from a power shift in the Senate. May actually some of those big mutual funds that are overweighted Oil and drugs to look to the tech sector as being a better place to be. Another positive is that the tax bill is now done. To me it always appeared that the Democrats were more interested in technology versus big oil/tobacco being GOP favs. (with the exception of the MSFT case..which was a DOJ issue anyways). At the very least, techs look better on a relative basis under the Democrat Senate. It just must have meant that the Nasdaq was due for a pause before resuming its upward march.