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To: hdl who wrote (164894)	5/9/2002 4:05:00 PM
From: orkrious	Respond to of 436258

Excellent piece on RealMoney by Tero Tero Kuittinen Test Result: Heck on Earth 5/09/02 03:13 PM ET Well, the sell-off is the bad kind, qualitatively speaking. It's speeded up by IBM, Microsoft, Intel and GE. Which happen to be exactly the kind of names foreign pension funds would dump if they are in the process of cutting their US presence systematically. The big gap "safe-haven" system has stopped working sometime during the last month or two. And so has the follow-up rally that used to characterize big short-covering day follow-ups. The old narrative of the market has broken down on both counts, which is kind of interesting intellectually, but pretty tragic from a humanitarian point of view. This change in the nature of the market is ominous in all sorts of ways – not least because the psychological impact of IBM and Microsoft weakness is an order of a magnitude larger than the old Worldcom and Lucent woes. These capstone companies are the symbol of Wall Street in a way that the telecom never was (and now never will be, I guess). That’s why Microsoft was defended so vehemently by Wall Street a couple of weeks ago – and that’s why the defeat of those post-report upgrades deals yet another blow to the credibility of the system.