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Strategies & Market Trends : Zeev's Turnips - No Politics -- Ignore unavailable to you. Want to Upgrade?

To: Shack who wrote (41215)	3/15/2002 5:29:00 PM
From: Zeev Hed	Read Replies (2) \| Respond to of 99280

Because of the lag, that will contribute later this year, both to the June Massacre and the meandering period between the post June rally and the subsequent low in October (?). Right now, we are still under the influence of the 10% plus growth in M3 over the last year. On a very short term (like the next few weeks) I have not found a direct correlation. Actually, I am turning a little more bearish very short term due to a number of parameters refusing to assume "Bottom up" positions, so we may have to suffer Chinese torture for a little longer, maybe as long as the end of the month. I now even see a possibility of a breach of 1793 (which was not in the model until the close today), that will call for slowing down drastically the redeployment I was planning for next week, and maybe even go back just a tad above 60% cash (I am not too far from there right now). Zeev

To: Shack who wrote (41215)	3/15/2002 5:32:02 PM
From: Sully-	Respond to of 99280

Nortel Slashing About 350 Jobs Nortel Eliminating About 350 Jobs From Three of Its British Plants LONDON (AP) -- Nortel Networks Corp., the Canadian telecommunications equipment giant, announced Friday that it is chopping up to 350 jobs from three of its British plants. Most of the cuts will be at the company's research center in Maidenhead outside London, although jobs also will go at its centers in Harlow, Essex, and New Southgate, north London, the company said. A spokesman said the cuts followed Nortel's decision, announced last year, to reduce its global work force from 94,500 to 48,000. "We are hoping the majority will go through voluntary redundancy, so minimizing the impact of any compulsory job losses," he said. Nortel said the cuts were part of its strategy aimed at restoring profitability after the "severe contraction ... of the telecoms industry." Canada's Globe and Mail newspaper, which first reported the layoffs, said it had obtained a Nortel company memo indicating that it could cut jobs even more deeply in the coming months. The memo cited "a further decline in business conditions within the UK -- customers filing for Chapter 11 (bankruptcy protection in the United States), or customers not wanting to spend money at the current time." In Canada, Frank Dunn, Nortel's chief executive officer, told analysts last week that further "major restructuring" wouldn't be necessary, although he left the door open for less dramatic reductions. biz.yahoo.com