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Strategies & Market Trends : Pump's daily trading recs, emphasis on short selling -- Ignore unavailable to you. Want to Upgrade?

To: Steve Fancy who wrote (4254)	7/18/2001 10:52:17 PM
From: golfnut777	Respond to of 6873

I think the only factor keeping the market holding above 2000 is the belief that the recovery is coming in the 2nd half. As the realization that it ain't gonna happen becomes more widespread the market will really crater and I don't think that's far away. Greenspan's comments today reinforce that contention. I work for a large telecom carrier and we have already drastically cut capital spending for the year. We're going through more cuts for the remainder of this year and another iteration for next. If the climate here is any indication, there is no growth in capital spending for telecom in sight. There are obviously many companies that are prominent tech names that are sucking wind due to the complete drop off in spending and I'm seeing it firsthand.