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

To: Softechie who wrote (94186)	7/13/2002 6:57:55 PM
From: XBrit	Respond to of 99280

More likely sideways and boring ahead of the INTC/IBM/MSFT earnings. But of course anything could happen.

To: Softechie who wrote (94186)	7/13/2002 7:07:18 PM
From: Jim Cash	Read Replies (1) \| Respond to of 99280

Question. If the market moved up from 1300 to 5000 in 2 years would you think that the trend was getting kind of aged ?

To: Softechie who wrote (94186)	7/13/2002 7:11:32 PM
From: TREND1	Read Replies (1) \| Respond to of 99280

Would a Black Monday turn you into a BULL? (g) Larry Dudash

To: Softechie who wrote (94186)	7/13/2002 7:24:57 PM
From: puborectalis	Read Replies (2) \| Respond to of 99280

25 Banks Sue WorldCom, Allege Fraud By SAMUEL MAULL Associated Press Writer NEW YORK (AP) — A group of 25 banks charged in a lawsuit filed Friday that WorldCom Inc. defrauded them out of nearly $2.5 billion six weeks before publicly disclosing a $4 billion accounting coverup. The banks' lawsuit, filed in Manhattan's State Supreme Court, included a request for an order to immediately freeze $2.65 billion of WorldCom assets. Justice Helen Freedman, after oral argument, denied the request and scheduled a hearing for July 16. WorldCom got the money by way of a credit agreement signed June 8, 2001, with 27 banks, including Citigroup. That agreement allowed the communications giant to borrow, repay and reborrow up to $2.65 billion within a year, and it was conditioned on certain terms and representations by WorldCom. Two of the 27 banks are not part of the lawsuit. The other 25, whose $2.49 billion in loans are 93 percent of the total, say in court papers that ``on May 15, 2002, barely six weeks before disclosing a massive accounting fraud,'' WorldCom told the lenders by telephone ``that it intended to draw down the entire $2.65 billion in a single borrowing.'' Court papers say that on May 20, 2002, WorldCom assured lenders that its quarterly financial statement for the first quarter of 2002 was prepared in accordance with generally accepted accounting principles, and that it presented a fair picture in all respects of WorldCom's financial condition. WorldCom issued a press release on June 25 disclosing an accounting fraud of ``staggering proportions,'' the banks' court papers say. They say that if they had known the company's true condition they would not have permitted the loans. WorldCom admitted that it had disguised $3.9 billion in expenses as capital expenditures so that it would appear to be more profitable. Court papers say Michael Salisbury, WorldCom's general counsel, ``stated that the fraud had been perpetrated at the highest level of the company.'' Separately, two Illinois pension systems are also suing after losing millions of dollars by investing in WorldCom. The Teachers' Retirement System and the State Universities Retirement System claim WorldCom, some top executives and several investment firms knew the company was in financial trouble but hid that when selling $12 billion worth of bonds last year. Jon Bauman, executive director of the Teachers' Retirement System, said his group lost about $11 million on the bond sale, and the university system lost roughly $4 million to $5 million. The two pensions funds are also part of a class-action lawsuit against WorldCom.

To: Softechie who wrote (94186)	7/13/2002 9:40:36 PM
From: Shtirlitz	Read Replies (1) \| Respond to of 99280

Everyone I know bought the dip/covered and is waiting for a bounce. At the same time my brother in law calls me and asks me what he should do with the mutual funds where he has money put away for kids college and that are down more then 50% from the peak. The neckline you mentioned concerns only very few ppl, the rest are still betting on a bounce/rally. I also love to listen mutual fund managers that come out on CNBC and proudly say that they are FULLY INVESTED, have no cash and waiting for a pie to fall from the sky in the form of second half recovery. It is not uncommon that after breaking the neckline market rallies back to it before the final break comes but frankly I don't see any rallies of any significant magnitude any time soon.