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To: PCSS who wrote (1257)	7/8/2002 4:01:02 PM
From: BelowTheCrowd	Respond to of 4345

I'll disagree to an extent. I think the market is still in a downtrend. Until we clearly break out of the channel, I'll assume the downtrend continues. However, we are so oversold, even compared to the trend, that I think some "reversion to the mean" is inevitable. Just as double-digit monthly growth is not sustainable, neither are double-digit monthly delines. I suspect a move up over the summer, but a resumption of the downtrend later this year. That said, I'm looking at the broad market, not specifically at tech. I think it is entirely possible for the broad market to rebound slowly, while tech still deals with the shakeout of the dotcom boom. There are many more failures and bankruptcies to come in this business, and the market will most likely NOT push up the surviving companies immediately. Still somewhat bearish in the longer term, but think Wednesday afternoon started a rally which will continue for a bit. I have no more shorts, but not aggressively long either. Probably will add some longs over the coming days. mg

To: PCSS who wrote (1257)	7/9/2002 10:24:29 AM
From: Elwood P. Dowd	Read Replies (2) \| Respond to of 4345

..... and the Nasdaq water torture continues. At 22 months this is now the longest post-war bear market edging out the 21 month long bear market of the early 70s by one month. El

To: PCSS who wrote (1257)	7/9/2002 10:36:38 AM
From: Elwood P. Dowd	Read Replies (1) \| Respond to of 4345

Dell backs profit view, quashes Lexmark buy talk NEW YORK, July 9 (Reuters) - Dell Computer Corp.(NasdaqNM:DELL - News) on Tuesday said the personal computer maker stood by its forecast for fiscal second quarter results, and poured cold water on rumors that it might buy printer maker Lexmark International Inc. (NYSE:LXK - News). "We are still sticking by our guidance of our earnings call," Chief Operating Officer Kevin Rollins said on a Bear Stearns conference call with investors. Dell had previously predicted second-quarter earnings of 18 cents a share and revenues of $8.2 billion, up 8 percent from a year before. Rollins added that Dell, the No. 2 maker of PCs behind Hewlett-Packard Co.(NYSE:HPQ - News), has seen no rebound in PC demand but has continued to gain market share. He dismissed as "highly unlikely" any chance that the company would buy printer maker Lexmark -- one of many scenarios floated by market watchers who suggest that Dell might soon begin making and selling its own branded printers. Dell has in the past said that it was interested in figuring out how it could get into the printer business, which is highly profitable for some of its competitors, thanks in part to the lucrative market for ink and services.