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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: Les H who wrote (220721)	2/12/2003 5:18:39 PM
From: MythMan	Read Replies (3) \| Respond to of 436258

RealCommentary from TheStreet.com War Anticipation and Rally Rumination Wednesday February 12, 5:14 pm ET By Bill Fleckenstein, Special to RealMoney.com The market opened with Dow- and S&P-oriented stocks heavy, while tech was fairly strong. I guess tech bulls were emboldened by the fact that Applied Materials (NasdaqNM:AMAT - News) wasn't down much on the back of last night's disappointing quarterly results. (Even ever-optimistic CEO Jim Morgan couldn't get the pom-poms out.) In any case, the SOX was quickly up 1% in the first half hour, and that pulled the tape higher. Tech Keeps on Truckin': Then, news that a suspicious-looking truck had been stopped on the Whitestone Bridge in New York City precipitated an immediate selloff, which saw the S&P and the Dow down about 0.75% in the first hour. Even so, tech was trying to hang in there. It was almost as though the cadre of market-neutral funds that proliferates these days is long "normal" stocks and short tech. Neither side of that trade is working very well, and that continues to pressure both sides. This idea was suggested to me by a friend, and it's what my own eyes have been telling me. I don't know if it's true, but it's the best explanation I've heard for the squirrely action, so I thought I would pass it along.