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To: Chip McVickar who wrote (2327)	2/10/2002 5:54:33 PM
From: John Pitera	Read Replies (1) \| Respond to of 12411

Hi Chip, I misread your post. I know you said "W" but when I looked at the chart now that it's Feb, it looks like an "M" and I thought you meant an inverted W that would see the BTK falling at least below 500. I've got to read more carefully!!! I've been looking at the balance sheets of the merchant energy companies such as CPN, DYN, MIR, AES and those that are on this link Message 17028230 but the balance sheets, levels of debt are keeping me in a watching mode, It may be best to wait until the bottom appears to be in and a basing period has occurred. SSB just downgraded AES the other day Message 17028964 we're hearing a lot of statements like this: as we see mounting concerns and uncertainty over the value and earnings stream from several AES businesses in emerging markets, yes, value and earnings streams. GE is seeing some significant institutional selling recently, the opaquenss of balance sheet of GECapital unit, and the big drop off in their power business are concerns. companies like MIR are shelving plans to build a number of power plants and they source power components from GE. We'll need to see how far and deep the Enronitis of the market carries (the realization that earnings have been overstated via pro forma earnings, rollups and other destroyers of quality earnings.) As we get into Q2 and Q3 the year over year comparisions will become very easy to beat, and for many companies beat significantly. The small cap stocks are cheaper than the big cap names. Pimco is a good place to look, they are some very smart money managers there. Did you see how Bill Gross is opining that Greenspan should raise the Fed Funds rate to get long rates to come down. John