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To: Les H who wrote (3689)	11/23/2002 8:19:30 PM
From: Les H	Respond to of 29596

It is now clear that tech sector earnings will not show any major improvement in 4Q02 or 1Q03. Just since 1 October, the tech analysts have brought the expected year-over-year earnings growth down from 32% to 17% for 4Q02 and from 28% to 16% for 1Q03. Growth rates of 17% and 16% may seem like a good rebound, but given how low the year ago earnings were it is not very good. It is certainly a far cry from what was expected back on 1 July when the tech analysts thought 4Q02 tech earnings would be up 54% and 1Q03 tech earnings would be up 60%. Furthermore, at least the actual 1Q03 results will surely be less than the current 16% estimate. It looks like a sure bet that tech earnings will continue to meander along in 4Q02 and 1Q03 with only the modest improvement seen in the last two quarters. The expected move to a more robust recovery that had earlier this year been expected to occur in 3Q02 has now been pushed back to 2Q03 at the earliest. The issue now is whether that will happen, or will the pickup to pushed back again. www1.firstcall.com\|market

To: Les H who wrote (3689)	11/23/2002 8:37:49 PM
From: Les H	Read Replies (1) \| Respond to of 29596

Sector Breadth Nov 22, 2002 Nov 15, 2002 Nov 8, 2002 percent stocks over MA percent stocks over MA percent stocks over MA sector (num) 10 d 21 d 50 d 200d 10 d 21 d 50 d 200d 10 d 21 d 50 d 200d ---------------------- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- Overall Database (3128) 78 73 75 29 61 66 66 24 49 65 59 21 Aerospace/Defense (39) 69 59 49 23 36 44 31 13 67 64 51 13 Apparel (68) 72 71 62 29 74 78 81 32 57 72 68 29 Automotive (32) 78 69 50 9 63 50 22 13 53 41 19 9 Banks (121) 92 78 84 49 65 52 64 34 20 33 40 23 Biotechnology (124) 71 69 78 29 43 64 62 22 62 75 70 22 Building/Constr (89) 82 71 72 22 56 62 61 20 46 55 53 19 Chemical (56) 61 63 59 25 61 64 54 23 46 61 38 18 Commercial Svcs (147) 81 81 75 25 70 69 65 24 59 65 60 23 Computer Svcs (44) 80 75 75 27 50 66 61 20 49 63 53 21 Computer Equip (94) 89 86 88 42 64 84 83 27 64 89 79 26 Consumer Nondur (31) 65 65 71 48 77 74 71 45 39 58 58 32 Drug (ex-Biotech) (86) 72 76 79 33 64 71 71 24 66 76 71 26 Electronics (266) 89 90 91 21 67 85 82 12 53 87 75 11 Finance (107) 82 77 79 35 59 63 67 31 23 49 54 24 Foods (59) 63 58 70 39 75 71 66 44 38 49 47 32 Healthcare (111) 53 50 51 28 63 51 57 37 41 47 44 29 Household (32) 88 75 78 13 69 69 69 13 44 53 43 3 Insurance (95) 78 71 70 24 65 53 60 22 38 38 49 20 Internet (106) 90 89 91 35 72 79 78 25 56 81 75 19 Leisure (84) 77 67 73 31 62 68 64 26 60 68 62 23 Machinery (43) 77 74 74 23 53 58 63 19 49 67 51 19 Media (71) 80 78 80 38 62 59 72 32 41 59 69 28 Medical Tech (106) 64 59 70 33 58 63 70 31 46 61 63 29 Metals (ex-Gold) (56) 61 57 59 20 46 52 57 21 45 63 54 11 Oil & Gas (167) 78 68 67 34 40 42 53 25 49 56 56 29 Paper Prods & Pkg (37) 86 81 81 22 81 60 60 14 35 59 46 11 Real Estate (115) 76 70 64 29 56 72 45 26 63 74 34 23 Retail (222) 78 71 74 26 71 64 67 25 36 50 48 20 Semiconductors (132) 95 96 95 17 66 87 85 10 50 90 78 8 Software (125) 87 82 85 28 62 68 74 22 48 75 67 14 Telecom (149) 83 84 89 28 64 79 81 19 65 83 79 17 Transportation (73) 68 62 79 23 55 60 78 25 67 77 77 25 Utilities (105) 88 73 75 32 49 56 63 25 21 61 58 30