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To: kdavy who wrote (145)	4/11/2002 1:49:14 PM
From: kdavy	Read Replies (1) \| Respond to of 13403

amat sold 1000@51.06 (+0.77)

To: kdavy who wrote (145)	4/11/2002 4:43:31 PM
From: Jacob Snyder	Read Replies (2) \| Respond to of 13403

general market comments: One more down day for the Nas, and we're in the 1600s. This is the area where the market has found support, in 2/02, and 4/01. I'd say the odds are >50%, that this dip bottoms somewhere in the 1600s. Which means, I will do no more selling, from here on down, just buying. I'm a bit over 20% cash now (sold a lot of WPI today and yesterday, bought small bits of IBB, BBH, LUEAD, ALTR). This stance is a bit more cash than I had targetted at this level. Below the 1600s, we have the 10/98 and 9/02 double bottom, at 1400, which I consider rock-solid support. It would take something worse than 9/11/01, to get below there. An oil embargo, a hardline Islamic revolution in one of our crucial client states in the Middle East, a big military defeat, another big terrorist attack, something like that. I'd give this a 10% chance of happening, low enough odds that I'll be using margin heavily at Nas 1400. From here on down, I don't think techs (including biotech) will underperform the general market. More volatile, as always. So, I'm expecting we set a higher (intermediate-term) low, in the Nas. And, then, sometime this year, take out the 1/02 high (2098), setting a higher high. When that happens, I'll consider that the Bear Market, which began in 4/00, ended in 10/01. And I will probably go to 100% invested, and quit selling the rallies. If I don't get that confirmation that the Bear Market is over, I'll continue selling the rallies.