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To: maceng2 who wrote (168982)	5/30/2002 8:06:35 AM
From: maceng2	Respond to of 436258

Wall Street remains low as buyers sit tight By Mary Chung in New York Published: May 29 2002 14:10 \| Last Updated: May 29 2002 14:10 ["Buyers" just waiting to buy eh. Got bucket of paint and brush handy? or How about "Bagholders chit bricks" as a headline -lol- ...pb] US stocks posted losses for the third straight day on Wednesday, with energy and technology issues leading the decline as corporate worries continued to weigh on sentiment. The Dow Jones Industrial Average closed down 58.54 lower at 9,923.04 while the S&P 500 index shed 6.89 to 1,067.66. The Nasdaq Composite fell 27.80 to 1,624.37. Volume remained dismal with 1.07bn trades on the New York Stock Exchange as many investors opted to stay on the sidelines. "We've had terrible volumes because nobody is focused on the market. The Memorial Day holiday brought back to mind that terrorism is still out there...and on top of that, investors just don't have any confidence," said Art Hogan, chief market analyst at Jefferies & Co. Novellus, the chip equipment maker, added to the market's jitters after the company raised its current quarter earnings targets but did not provide any guidance for the second half of the year. Shares fell 7 per cent to $43.40. Intel fell 3.8 per cent to $27.27 and Applied Materials retreated 4.2 per cent to $23.10. UBS Warburg put pressure on the wireless telecommunications sector after it reduced its global handset market estimate and lowered its earnings forecast for Nokia, which fell 3.8 per cent to $13.75. Rival Motorola shed 4 per cent to $15.99 while AT&T fell 3.2 per cent to $12.01 and WorldCom slipped 2.2 per cent at $1.77. The most actively traded stocks were in the energy sector with shares in El Paso, the natural gas pipeline and trading company, falling 23.4 per cent to $27.01 after it lowered its 2002 profit targets and cut its staff. Halliburton gave up 3.3 per cent to $18.72 after the company said the Securities and Exchange Commission has begun a preliminary investigation into its accounting practices during the period vice-president Dick Cheney was its chief executive. Dynegy fell 12.3 per cent to $8.50 as uncertainty following the departure of Chuck Watson, the company's former chief executive, weighed on the stock. Most Dow components were lower with a few bright spots in Merck, up 2 per cent to $57.13 and American Express, up 1.6 per cent at $42.36. Investors will have some fresh economic data to focus on today with the release of the latest jobless claims figures and the Conference Board's Help Wanted Index for April, which should indicate whether the employment trend is improving. news.ft.com

To: maceng2 who wrote (168982)	5/30/2002 8:22:17 AM
From: Earlie	Read Replies (3) \| Respond to of 436258

Pearly: Perhaps, but technical charts leave me cold as I am in Mike Burke's camp.... "charts work until they don't". (g) From my perspective, the US economy is rolling over. And the signs of this are multiplying. At some point, this snowball heading down the mountainside becomes an avalanche. I simply can't see any reason to play against this potent trend. Yes, the Fed can and will try to deflect or slow this ugly reality, but it has fired most of its ammo and the results have been desultory. So what does the Fed do for an encore now? I am well aware that we will have to survive the normal violent bear market rallies, but currently, there are just too many things going against the market and the valuations are just too insane for the market's descent to be terminated. Given this perspective, I will remain primarily a short (hopefully a nimble one), until this debt catharsis is completed..... and it is likely to take at least a couple of years to run its course (unless we BK). I will remain long a few carefully selected companies that I believe "will do well in bad times" and I will remain well exposed to gold juniors, but most of the activity will be devoted to Vaderian activities. Best, Earlie