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To: Jim Willie CB who wrote (2433)	7/17/2002 1:07:54 PM
From: Sully-	Read Replies (1) \| Respond to of 89467

12:57 ET Applied Materials cautious on next several qtrs (AMAT) 17.63 -0.77: We are hearing from Goldman Sachs that AMAT's CFO is incrementally more cautious on the next several qtrs; CFO has told the firm that Q3 will be "up a little bit at best" or even flat-to-down, whereas the Street consensus is for sales to rise 5%, and he indicated that Q4 visibility remains poor as well.

To: Jim Willie CB who wrote (2433)	7/17/2002 1:13:46 PM
From: Sully-	Respond to of 89467

13:10 ET Amazon.com defended by Soundview on debt downgrade rumor (AMZN) 15.59 -0.70: Stock has fallen into the red within the last hour (-4.3%), due at least in part we're told to a rumor that AMZN's debt may be downgraded; Soundview says that they do not see any fundamental drivers for a downgrade, since the co's financial position has improved since the last upgrade in Q1 and firm expects the co to be free cash flow positive in 2002 and believes debt coverage will improve in 2003; in addition, AMZN carries fixed-rate debt, so even if a downgrade did happen there would be no impact to financials; reiterates Outperform. 13:08 ET S&P 500 edges below yesterday's worst levels : -- Technical -- Index edges under yesterday's worst levels and has climbed back modestly since. Continue to look for initial support at 890 followed by a subsequent floor at 885 and the extreme lows for the current leg lower at 876. To the upside, watch for initial resistance at 900 followed by additional overhead at 908.

To: Jim Willie CB who wrote (2433)	7/17/2002 1:16:29 PM
From: stockman_scott	Read Replies (1) \| Respond to of 89467

Some interesting comments on that wonderful tax cut... Message 17751542

To: Jim Willie CB who wrote (2433)	7/17/2002 1:33:42 PM
From: stockman_scott	Respond to of 89467

P.Q. Wall Is Full Of Worry forbes.com <<...Wall thinks the current cycle began in September 1998. This is bad news because these cycles begin and end with lows. Given that Wall believes the second third of the Kitchin cycle began on March 8, 2000, and ended on Sept. 21, 2001--a drop of a little over 19%--the market must fall more than this from the beginning of the final third of the cycle on Sept. 21. That would leave it below the Dow 6,400, which Wall estimates will occur by mid-September. This is when he thinks a bottom will occur and a new Kitchin cycle will begin. Wall is telling his readers to hold the Rydex Ursa Fund ( RYURX) , which is designed to follow an inverse path to the S&P 500. But after the market breaks below 6,400, Wall says he will be "buying with both hands."..>>